Refer to Scenario 5.2. Samantha's expected expense for her car is
A) $20,000.
B) $19,000.
C) $18,000.
D) $17,500.
E) $15,000.
C
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"Localvores" refers to food products which are
A) organically produced. B) imported from foreign countries. C) grown in places which are close to the point of consumption. D) provide health and nutritional benefits in combating diseases.
If an initial increase in investment spending of $30 caused equilibrium output to increase by $120, what is the value of the MPC?
a. 0.25 b. 0.50 c. 0.60 d. 0.75 e. 0.80
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true with regard to opportunity costs in the two countries?
a. The opportunity cost of producing watches is higher in Denmark. b. The opportunity cost of producing cheese is higher in Denmark. c. The opportunity cost of producing cheese is identical in both countries. d. It is impossible to compare opportunity costs because the two countries use different currencies. e. In both countries combined, the opportunity cost of one watch is 150 pounds of cheese.
Making a pound of wool takes 5 hours in Scotland and 2 hours in Iceland. Making a cord of firewood takes 5 hours in Scotland and 8 hours in Iceland. Suppose that labor is only productive resource needed in these industries, and is fully employed in both nations. Under these conditions, if Iceland produces 4 extra pounds of wool, but Scotland produces 2 fewer pounds of wool, there is a net
A. gain of 2 cords of firewood in the world. B. gain of 1 cord of firewood in the world. C. loss of 2 cords of firewood in the world. D. loss of 1 cord of firewood in the world.