Suppose that Germany, France, Estonia, and India all have the same production possibilities, illustrated in the figure above. Based on the production points in the figure, India is most likely to expand its PPF to
A) PPF2.
B) PPF3 or PPF2.
C) PPF3.
D) PPF1. or PPF2.
E) PPF1.
E
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Maxine and Deborah both got hair extensions, costing each of them $300. Maxine's hair was done perfectly. She enjoyed the new look. The job on Deborah's hair was all botched u
A) Deborah did not incur a sunk cost. B) Maxine did not incur a sunk cost. C) Both Maxine and Deborah each incurred a $300 sunk cost. D) Only the hairdresser incurred a sunk cost.
A worldwide hops (a flowers used in brewing) shortage made stouts, ales and other specialty microbrews more pricy in 2008. A triple whammy of bad weather in Europe, an increase in the price of barley and a decrease in hops production in the U.S
led to a price increase of 20 percent for the most widely grown varieties, to 80 percent for specialty hops. What is the effect of this hops shortage on a microbrewery's cost curves? A) Short run fixed costs would increase. B) Short run total costs would decrease. C) Short run average variable costs would decrease. D) Short run variable costs would increase.
In order to prosper, entrepreneurs in a market economy must
A) have at least one million dollars of personal wealth for the financing of new projects. B) undertake projects that create wealth and increase the value of resources. C) undertake projects that require resources that are more valuable than the products produced. D) find ways to slow technological change.
Which of the following is the best example of people engaged in barter?
a. LaVar agrees to swap his comic book for three of Max’s baseball cards. b. Noreen gives Lucas a homemade cupcake for his birthday instead of a store-bought gift. c. Stepon uses his debit card to purchase a $30 train ticket. d. Bill asks for $4,500 for his used car, but when Willis offers $3,800, Bill ends up selling it to him for $4,000 instead.