A graphical representation which shows the trade-off that occurs when more of one output is obtained at the sacrifice of another is called
A) a Laffer Curve.
B) a production possibilities curve.
C) a bell curve.
D) a supply curve.
B
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Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. The opportunity costs of producing 1 ton of oranges for Alpha and Omega, respectively, are: a. 0.25 tons of apples; 0.5 tons of apples. b. 9 tons of apples; 4 tons of apples
c. 2 tons of apples; 4 tons of apples. d. 0.5 tons of apples; 0.25 tons of apples.
If a borrower and lender agree to an interest rate on a loan when inflation is expected to be 7 percent and inflation turns out to be 10 percent over the life of the loan, then the borrower ________ and the lender ________.
A. gains; loses B. loses; gains C. is not affected; gains D. gains; gains
Even stable and predictable inflation can cause which of the following?
a. shoe leather b. menu cost c. tax distortions d. All of the above
To find the cost of the CPI market basket in the base period prices we have to multiply the
A) quantities in the CPI market basket by the base period prices and then multiply by 100. B) quantities in the CPI market basket by the base period prices. C) current period quantities in the CPI market basket by the current period prices. D) quantities in the CPI market basket by the current period prices. E) current period quantities in the CPI market basket by the base period prices.