Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Tom, the opportunity cost of building a fence is ________ dishes made.
A. 16
B. 8
C. 12
D. 4
Answer: D
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A television station reports that the price of coffee has increased but the quantity traded in the market has decreased. This situation would be caused by a(n)
A. increase in supply. B. decrease in supply. C. increase in demand. D. decrease in demand.
All else held constant, the law of demand suggests that as
A. the price of tablets decreases, the quantity of tablets demanded will decrease. B. income increases, the quantity of tablets demanded will increase. C. the demand for tablets increases, the price of tablets will increase. D. the price of tablets decreases, the quantity of tablets demanded will increase.
Refer to the scenario above. Based on this information, it can be concluded that ________
A) Plutoland experienced a current account surplus during that year B) Plutoland experienced a current account deficit during that year C) Earthland ran a current account deficit during that year D) Earthland and Plutoland should stop trading with each other
A single production possibilities frontier assumes
A) a given set of resources. B) only one good can be produced from a given set of resources. C) resources are free. D) there are no opportunity costs of production. E) all of the above.