Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 250
B. 1/20
C. 1/250
D. 500
Answer: D
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A temporary decrease in the price of oil will shift the short run aggregate supply curve right but not shift the long run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
With a corrective tax, the supply curve for pollution is
a. vertical. b. horizontal. c. upward-sloping. d. downward-sloping.
If per capita GDP were distributed across the United States, each individual would receive:
A. Their current income divided by the U.S. population. B. The market value of final goods and services produced in the U.S. per year. C. The value of total world output divided by the population. D. The market value of final goods and services produced in the U.S. per year divided by the population.
Since 1970, the United States experienced stagflation
A. only in the 1970s and early 1980s. B. only after the recession of 1990-1991. C. only during the recession of 2008-2009. D. throughout the 2000s.