Refer to the given data. The domestic opportunity cost of producing 1 ton of steel in Alpha is:
A. ½ ton of wheat.
B. 1 ton of wheat.
C. 15 tons of wheat.
D. 30 tons of wheat.
B. 1 ton of wheat.
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GDP in a country grew from $10 billion to $14 billion over the span of 5 years. The average annual growth rate of GDP was
A) 4%. B) 7%. C) 10%. D) 40%.
A tycoon purchasing a loss making company will install new management teams only as long as the marginal value of the additional information these teams generate is worth the cost of installing them
Indicate whether the statement is true or false
The president of Tucker Motors says, "Lowering the price won't sell a single additional Tucker car." The president believes that the price elasticity of demand is:
a. perfectly elastic. b. elastic. c. perfectly inelastic. d. unitary elastic.
The decision about how much money to hold is an application of the:
A. principle of increasing opportunity cost. B. cost-benefit principle. C. principle of comparative advantage. D. scarcity principle.