The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. The total opportunity cost of the three units of tanks is:
A. 200 units of autos.
B. 1000 units of autos.
C. 650 units of autos.
D. 350 units of autos.
Answer: D
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Which of the following might be considered to be a characteristic of a planned economy?
What will be an ideal response?
Discrimination exists when a man and a woman with the same levels of education earn different incomes
a. True b. False Indicate whether the statement is true or false
If the expansion of output in an industry leads to unchanged resource prices, the industry is most likely to be
a. a decreasing cost industry. b. an increasing cost industry. c. a constant cost industry. d. an industry characterized by economies of scale.
Which of the following is consistent with a monopoly industry?
A.) There are many firms. B.) Barriers to entry keep potential competitors out of the market. C.) There is pressure to reduce costs and improve product quality. D.) Zero economic profit in the long run.