Refer to Figure 2-2. What is the opportunity cost of one pound of vegetables?
A) pound of meat B) 1.2 pounds of meat
C) pounds of meat D) 12 pounds of meat
A
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Money is created by
A) government taxation. B) banks taking in deposits. C) banks making loans. D) banks paying for depositor's insurance.
Assume the Congress approves increased drilling for oil in the U.S. to address the current energy shortage. People who are in favor of this policy argue that, ceteris paribus, this would cause:
A) an increase in the equilibrium price and quantity of oil. B) a decrease in the equilibrium price and quantity of oil. C) a decrease in equilibrium price and increase in the equilibrium quantity of oil. D) an increase in equilibrium price and a decrease in the equilibrium quantity of oil.
Suppose that in producing a GDP of 3000, goods worth 200 go unsold and are unintentionally added to business inventories. These goods
A) are not counted in total expenditure. B) are part of the investment component of expenditure. C) are nonetheless part of the consumption component of expenditure. D) are classified as net exports and are subtracted from total expenditures.
The key element in preserving a monopoly is keeping rivals out of the market.
Answer the following statement true (T) or false (F)