Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
If Moe moves from Point A to point C, his grade in Physics will go down by ________ his grade in economics.
A. more than the decrease in
B. more than the increase in
C. less than the decrease in
D. less than the increase in
Answer: D
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Of the groups listed below, which is most likely to lobby for protection?
A) workers in importing industries B) workers in exporting industries C) consumers of imported goods D) producers in exporting industries
Which of the following would NOT reduce the natural rate of unemployment?
A) a tax cut B) an increase in government expenditures C) wage or price controls D) all of the above
The amount of goods and services that a person can produce in a given time is called
a. labor input b. labor intensive c. labor output d. labor productivity
The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The opportunity cost of producing a bushel of corn in the United Kingdom is ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. 1/2 of an umbrella. B. two umbrellas. C. 2/3 of an umbrella. D. three umbrellas.