The incentives to work that result from the existence of private property accrue to
A. neither the weak nor the strong.
B. both the weak and the strong.
C. only the strong.
D. only the weak.
Answer: B
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Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 60 thousand spoons B) 46 thousand forks C) 16 thousand spoons D) 12 thousand forks
If economic profit is zero, then a normal profit is earned
a. True b. False Indicate whether the statement is true or false
If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples. b. three oranges. c. two apples and three oranges. d. two apples or three oranges, whichever you value more. e. the difference in the prices of the three options.
When there is a change in one market, _______________ are effected
Fill in the blank(s) with the appropriate word(s).