The division of labor helps to explain why workers do not consume most of what they produce
a. True
b. False
Indicate whether the statement is true or false
True
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Trade allows each country to take advantage of lower ___________ costs in the other country.
a. replacement b. opportunity c. marginal d. retail
Environmental quality is
a. a public good. b. best improved through government's prohibiting externalities. c. maximized when costs of pollution are external. d. minimized when optimal levels of pollution are produced.
Which of the following should be kept in mind when policymakers consider efforts to stabilize the economy?
a. The economy responds very quickly to changes in the interest rate and changes in economic conditions are easy to predict. b. The economy responds very quickly to changes in the interest rate and changes in economic conditions are nearly impossible to predict. c. The economy responds to changes in the interest rate with a lag and changes in economic conditions are easy to predict. d. The economy responds to changes in the interest rate with a lag and changes in economic conditions are nearly impossible to predict.
Exhibit 2-2 Production possibilities curve
In Exhibit 2-2, the slope of the production possibilities curve indicates that the opportunity cost of:
A. coffee is constant. B. coffee is increasing. C. coffee is decreasing. D. corn is increasing.