Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one pound of cheese is ________ car(s).
A. 250
B. 20
C. 1/20
D. 1/250
Answer: D
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In an economy, 42 million people are in the labor force, 38 million are employed, and 47 million are of working age. How many people are not in the labor force?
A) 19 percent B) 9 million C) 5 million D) 4 million
What is purchasing power parity?
What will be an ideal response?
In the United States in 2012, the CDC estimated that the total number of people with diabetes (both diagnosed and undiagnosed cases) was highest for people in the age range of ________, and the percentage of people with diabetes was highest for people in the age range of ________.
A) 65 and older; 20-44 B) 65 and older; 65 and older C) 20-44; 45-64 D) 45-64; 65 and older
If there are economic profits in a monopolistically competitive industry, they will generally be competed away through the
A) manipulation of the demand curve. B) increasing advertising budgets of existing firms. C) entry of new firms. D) introduction of brand name products by existing firms. E) exit of existing firms.