You are the Minister of Trade for a small island country with the following annual PPC:
You are negotiating a trade agreement with a neighboring island with the following annual PPC:
What's the minimum number of fish you would be willing to accept in exchange for a coconut?
A. 4
B. 3
C. 5
D. 2
Answer: B
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Unemployment rates in the United States during the past 60 years
A) have remained between 4 and 6 percent. B) have risen and fallen in a range between approximately 10 and 25 percent. C) have risen and fallen in a range between approximately 4 and 10 percent. D) have fallen steadily from approximately 10 percent 40 years ago to near 2 percent today. E) have risen steadily and today are near all-time highs.
Mutual funds sell shares to investors and use the funds to
A) pay dividends. B) purchase newly issued shares of a particular company's stock. C) invest in a portfolio of financial assets. D) purchase Treasury bonds.
Modern union leaders are
(a) generally much more conservative than their predecessors in the late 19th and early 20th centuries. (b) generally more radical than their predecessors in the late 19th and early 20th centuries. (c) neither more conservative nor more radical than their predecessors. (d) more radical on issues such as wages and working conditions but more conservative than their predecessors on issues such as abortion and the environment.
A production point that lies outside the Production Possibilities Curve (PPC)
A) denotes inefficiency. B) indicates unemployment. C) is currently not attainable. D) can never be reached, even in future periods.