Figure 3-6
In Figure 3-6, assume this economy is currently operating at point D. What is the opportunity cost of moving to B?
A. About 200 bushels of wheat
B. 200 bushels of soybeans
C. Infinite, B cannot be produced at any cost.
D. 0
Answer: D
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Figure 11-2
For the monopolist show in Figure 11-2, how much profit is the monopolist making per unit?
A. The amount shown as HE B. The amount shown as GE C. The amount shown as HF D. The amount shown as FE
Consumption is spending by: a. households on goods and services
b. households on capital goods and inventories. c. businesses on corporate social responsibility initiatives. d. government on subsidizing consumption goods.
People can reasonably expect that an economic system will decide all of the following except:
A. what goods to produce. B. how to produce the goods. C. for whom to produce the goods. D. how to assign initial property rights.
Final sales plus changes in inventories equals GDP.
Answer the following statement true (T) or false (F)