When there is a choice between the consumption of bundle X and bundle Y, the opportunity cost of consuming bundle X is bundle Y
a. True
b. False
Indicate whether the statement is true or false
True
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The long-run supply curve in a constant-cost, perfectly competitive industry is
A) perfectly inelastic. B) upward sloping. C) downward sloping. D) perfectly elastic.
The Bretton Woods System of exchange rates was established:
a. to solidify support for the then-existing gold standard. b. to peg the worldwide price of silver to the price of gold. c. in Europe before World War II to establish a flexible exchange rate regime. d. in the United States in 1944 to develop a gold exchange standard. e. by a mechanism that made gold the reserve currency of the system.
A bank's required reserves equal its
What will be an ideal response?
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
According to Moe's PPC, moving from a 70 to an 80 in economics:
A. is inefficient. B. has a higher opportunity cost than moving from an 80 to a 90. C. has a lower opportunity cost than moving from an 80 to a 90. D. is unattainable.