Refer to Exhibit 2-8. For Maya, the opportunity cost of producing one unit of good X is ___________ unit(s) of good Y.
 ANSWER 9.png)
0.50
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Give two specific reasons why quantity supplied is greater at a higher price.
What will be an ideal response?
Net exports ________
A) are heavily determined by foreign demand for domestic goods B) are heavily determined by domestic demand for domestic goods C) are independent of domestic interest rate fluctuations D) all of the above E) none of the above
In recent years, the world demand curve for copper shifted rightward due to continued economic growth in China and other emerging economies. Also, the costs of extracting the copper increased due to higher energy prices. As a result, we observed:
A) higher equilibrium copper prices and unambiguously lower quantities. B) higher equilibrium copper prices and unambiguously higher quantities. C) higher equilibrium copper prices and either higher or lower quantities. D) lower equilibrium copper prices and either higher or lower quantities.
Which of the following statements is false?
A) If Mexican restaurant owners provide free chips and salsa to their customers, the quantity demanded of chips and salsa will be greater than if customers had to pay for them. B) If the price of a good falls, then the demand for its complements will increase. C) If the price of a good rises, then the price of its complements will rise. D) If chips and salsa are offered for free to Mexican restaurant customers, then restaurants can charge a higher price for products that are complements to chips and salsa (such as beer).