The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Point T is:
A. both attainable and efficient.
B. attainable.
C. efficient.
D. neither attainable nor efficient.
Answer: B
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When the price of a good increases by 300%, the quantity supplied of the good increases from 200 units to 900 units. The price elasticity of supply of the good is:
A) 1.17. B) 1.5. C) 3. D) 4.5.
Refer to Table 9-11. Which country has a comparative advantage in producing clocks?
A) Belize B) Denmark C) both countries D) neither country
An increase in quantity demanded is caused by
A) an increase in income. B) a decrease in the price of the good. C) a decrease in the price of a complement. D) a change in expectations about price in the future.
An individual in the England wants to buy office equipment from England which costs $2,000 . If the exchange rate is 1pound=$1.9, how much will the office equipment cost him in pounds?
a. 2,000 pounds b. 1,800 pounds c. 3,800 pounds d. 1,053 pounds