Sally wishes to spend more time this week studying for her classes. Using the idea of a production possibilities curve, and assuming Sally is currently spending all of her time efficiently, Sally can spend more time studying this week only if
What will be an ideal response?
she spends less time doing other things.
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Which of the following statements correctly describes a perfectly competitive market?
A) In a perfectly competitive market, individual sellers and buyers can influence the market price. B) All participants in a perfectly competitive market are price takers. C) Haggling and bargaining is commonly observed in a perfectly competitive market. D) Buyers in a perfectly competitive market pay different prices according to their individual demand.
Either a dual or hierarchial mandate is acceptable as long as ________ is the primary goal in the ________
A) price stability; short run B) price stability; long run C) reducing business-cycle fluctuations; short run D) reducing business-cycle fluctuations; long run
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
Related to the Economics in Practice on page 710: Which of the following is true concerning economic development in many countries?
A. It is affected by the level of corruption. B. It is affected by inefficiency in government. C. As corruption falls, the cost of production often falls. D. All of the above are true.