Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one pound of cheese is ________ car(s).
A. 1/250
B. 20
C. 250
D. 1/20
Answer: A
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If Year 1 is the base year, the growth of real GDP is approximately
A) 100%. B) 109.5%. C) 137.5%. D) 148%.
Greater scarcity of a natural resource is indicated
a. by an increase in the price of the resource, whether the price increase is less than or greater than the rate of inflation. b. only by an increase in the price of the resource that is less than the rate of inflation. c. only by an increase in the price of the resource that is greater than the rate of inflation. d. only by an increase in the price of the resource that is caused by a decrease in supply and is greater than the rate of inflation.
The natural rate of unemployment will not change following an increase in ________ unemployment
A) frictional B) cyclical C) structural D) all of the above
The demand curve for a firm’s product is also the curve showing
A. total revenue. B. marginal revenue. C. average revenue. D. average profits.