Refer to the information provided in Figure 6.11 below to answer the question that follows.
Figure 6.11Refer to Figure 6.11. Gordon's opportunity cost of one hour of leisure is
A. $10.
B. $24.
C. $240.
D. indeterminate from this information.
Answer: A
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Resources are directed from one industry to another by
A. Market failure. B. Government failure. C. Changes in market prices. D. None of the choices are correct.
Which of the following is not a reason why specialization and trade are beneficial to society?
A. The total output of economic goods may be increased even without any increase in resources B. Scarce resources are utilized more efficiently by exploiting differences among them C. Specialization fosters learning by doing, thus lowering the unit-costs of products D. Firms and workers become less dependent on others for producing goods and services
When thinking about the real costs of environmental cleanup, we should take into consideration
A. A comparison of the costs of cleanup to the overall size of the U.S. economy. B. The marginal costs but not the marginal benefits. C. A comparison of the size of China's economy to the United States. D. The total costs of the cleanup as estimated by the Environmental Protection Agency.
The Great Society program was designed to lift people out of poverty during the
A. 1930s. B. 1940s. C. 1950s. D. 1960s.