Use the above table. Assuming constant opportunity costs, the opportunity cost of producing coffee in country Alpha is ________, and the opportunity cost of producing coffee in country Beta is ________
A) 0.33 ton of cookies; 2 tons of cookies
B) 3 tons of cookies; 0.5 ton of cookies
C) 0.375 ton of coffee; 2.25 tons of cookies
D) 2.67 tons of cookies; 0.44 ton of coffee
A
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Consumer equilibrium is reached when: a. an individual spends her entire income
b. there is no way a consumer, given the available income, could increase her satisfaction. c. marginal utility begins to diminish. d. marginal utility is maximized, subject to the available income.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.
If the price of apples went down by 20 percent, which of the following values of the cross price elasticity for boats would be most reasonable to anticipate?
A) 0.0 B) 2.0 C) -2.0 D) -20
Choose one of the arguments countries generally use to justify protection for a particular industry. Describe the argument and any inherent problems with it. Is the argument primarily an economic or a noneconomic one?
What will be an ideal response?