The above table shows production combinations on a country's production possibilities frontier. What is the opportunity cost of increasing the production of X from 0 to 3 units?
A) 40 units of good Y per unit of good X
B) 3 units of good Y per unit of good X
C) 4/3 units of good Y per unit of good X
D) 0 units of good Y per unit of good X
C
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An open market ________ by the Fed increases the money supply, which leads to ________ interest rates and increased GDP
A) sale; decreased B) purchase; decreased C) purchase; increased D) sale; increased
The most important statistical tool in empirical economics is standard deviation.
Answer the following statement true (T) or false (F)
From 1970 to 2010, the real price of eggs decreased. Which of the following would cause an unambiguous decrease in the real price of eggs?
A) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs. B) A shift to the right in the supply curve for eggs and a shift to the left in the demand curve for eggs. C) A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs. D) A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs.
A member in a cartel can earn more profits by
A. selling less than the agreed amount. B. charging a slightly lower price and raising production. C. producing less than the agreed rate. D. none of these.