Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080What is Natalia's opportunity cost of knitting a scarf?
A. 1/3 of a sweater
B. 2 sweaters
C. 1/2 of a sweater
D. 3 sweaters
Answer: C
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Is the marginal benefit someone enjoys from a good or service the same as the price he or she pays? Explain your answer
What will be an ideal response?
The different shapes of the aggregate supply curve:
A. Determine the level of reserves held by the banking system. B. Result in the Fed's need for total control of the money supply. C. Determine the impact of monetary policy on price level and output. D. Explain why the Fed must respond to market instability.
Balancing the federal budget over the business cycle requires
A. deficits incurred during economic slumps that are offset by surpluses during economic booms. B. raising taxes and cutting spending during stagflation. C. rapid increases in the national debt during national emergencies. D. matching deficits and surpluses each time Earth orbits the sun. E. that the national debt grow only as fast as GDP grows.
Another term for the equilibrium price is
A. black market. B. ceteris paribus. C. market clearing price. D. law of demand.