One way to measure national debt over time is debt relative to:
a. the cash flow of the banking system.
b. the economy's production and income.
c. credit sales of consumer durables over a year.
d. national home sales in large cities.
b
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing oranges?
A) The U.S. B) Canada C) Both countries D) Neither country
Both public goods and common resources are
a. rival in consumption. b. nonrival in consumption. c. excludable. d. nonexcludable.
The "ceteris paribus" clause in the law of supply allows which of the following factors to change?
A. the price of an input B. technology C. the number of sellers D. the price of the good supplied
Refer to the above table. Given the demand and cost schedules, what is the profit maximizing quantity for this monopolist?
A. 24 B. 23 C. 21 D. 20