This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10. Considering the information in the table shown, if Jack's income to spend on these two items were to increase to $16:
A. he could afford to buy 16 popsicles and 8 ice cream cones.
B. he could afford to buy either 16 popsicles or 8 ice cream cones.
C. he could afford to buy 8 ice cream cones and 4 popsicles.
D. None of these is true.
B. he could afford to buy either 16 popsicles or 8 ice cream cones.
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The European Central Bank:
A) emphasizes maintaining interest rates below 5%. B) lays more emphasis on controlling employment than on controlling inflation. C) emphasizes maintaining unemployment rates below 5%. D) lays more emphasis on controlling inflation than on controlling employment.
Refer to the scenario above. Which of the following combinations lie below Jack's production possibilities curve?
A) 10 paintings and 6 sculptures B) 5 paintings and 1 sculpture C) 10 paintings only D) 10 sculptures only
The main area of economic activity that Canada chose not to open to free trade is
A) agriculture. B) oil and gas. C) lumber. D) the cultural industries. E) financial services.
Which of the following is not a reason why some production continues in households?
a. Some household production requires many specialized resources b. The opportunity cost of household production has decreased over time c. Household production avoids taxes d. There have been important technological advances in household production e. Some households prefer the ability to control production