Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. Mr. Crusoe, while lonesome, is efficient and always stays on his PPF. Mr
Crusoe is consuming 20 pounds of fish. Then he decides to slowly become a vegetarian and decrease his consumption of fish to 9 pounds. This decision means that Mr. Crusoe will
A) incur an opportunity cost of 9 pounds of fruit.
B) incur an opportunity cost of 99 pounds of fruit.
C) be able to enjoy a gain of 9 pounds of fruit.
D) incur an opportunity cost of 20 pounds of fish.
E) incur an opportunity cost of 9 pounds of fish.
C
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Which of the following is a difference between microeconomics and macroeconomics?
a. Microeconomics focuses on the actions of particular actors within the economy, while macroeconomics looks at the economy as a whole. b. Microeconomics focuses on the division of labor, while macroeconomics focuses on the division of capital. c. Microeconomics focuses on the development of small and medium enterprises, while macroeconomics focuses on the development of large business houses. d. Microeconomics focuses on the development of the nation, while macroeconomics focuses on the economic wellbeing of each household in an economy.
The Save More Tomorrow (SMarT) program found all of the following except that:
A. participants quadrupled their savings in just a couple of years. B. if the default choice is to save a portion of income, people will save more. C. people were already saving at an optimal amount, so the program had no effect. D. people want to save more than they typically do.
A straight-line Lorenz curve shows
A. an equal distribution of money income. B. a highly unequal distribution of income. C. a high incidence of absolute poverty. D. a greater than proportionate share of income going to middle-income households.
The average global temperature rose
A. 15 degrees F in the last 100 years. B. 3-5 degrees F in the last 100 years. C. 1 degree F in the last 100 years. D. 3-5 degrees in the last 10 years.