If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
True
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In 1943-1945
A. there was substantial unemployment in the U.S. B. there was substantial excess plant and equipment in the U.S. C. the U.S. had not yet completed its recovery from the depression. D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
The German central bank, the Bundesbank, faced the risk of increased inflation caused by its actions to support an overvalued deutsche mark in the 1960s
Indicate whether the statement is true or false
Non-neutral technological change is more valuable to labor than neutral technological change
What will be an ideal response?
The demand function
A. does not include expectations. B. describes how much of good X will be purchased at the alternative price of good X, given all the other variables being constant. C. shows the relationship between the quantity demanded of X and variables other than its price. D. recognizes that the quantity of a good consumed depends on its price and demand shifters.