The opportunity cost of working one hour is the sum of the values you would have received from all other activities you could have done in that hour
a. True
b. False
Indicate whether the statement is true or false
False
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Proponents of the WTO argue that free international trade and investment will:
A. reduce economic growth rates in the industrial economies. B. reduce employment in developing nations. C. eliminate world poverty. D. increase living standards of all trading nations.
Explain why even small changes in the rate of economic growth are significant. Use the “rule of 70” to demonstrate the point.
What will be an ideal response?
If the reserve ratio is designated by "r," the amount of deposits a bank can lend out is equal to [D × (1 - r)]
Indicate whether the statement is true or false
Since its beginning, the cable television industry has been viewed as a natural monopoly. Typically, cities would grant individual firms local monopolies and then regulate them. Is this a valid approach from an economic perspective? What do you expect the future of the television-viewing market to hold?