Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Bora Bora?
A) 2/3 of a gallon of milk B) 0.9 gallons of milk
C) 1 1/3 gallons of milk D) 1.5 gallons of milk
A
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If a fiscal policy change is going to exert a stabilizing impact on the economy, it must
a. add demand stimulus during a slowdown but restraint during an economic boom. b. exert an expansionary impact during all phases of the business cycle. c. restrain aggregate demand during all phases of the business cycle. d. keep the government's budget in balance.
You should collect _______ amount of data to create _______ to test the _______ indicated by the economic model.
Fill in the blank(s) with the appropriate word(s).
Why would precommitment contracts, licenses, learning curve effects, and brand advantages protect an established corporation from new competitors?
What will be an ideal response?
If disposable personal income is $500 billion and personal saving is $15 billion, the personal saving rate is
A. 1.5%. B. 3%. C. 7.5%. D. 15%.