The opportunity cost to the u.S. of placing a man on the moon was
What will be an ideal response?
the loss of utility from the highest valued bundle of products that had be forgone because of the moon mission
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An economy in which a central authority makes most of the economic decisions is known as a
a. market economy. b. laissez-faire economy. c. command economy. d. traditional economy.
State the fundamental identity of national income accounting. Why is it not possible for this identity to be violated?
What will be an ideal response?
Increased trade restrictions
A. Reduce total consumption possibilities. B. Alter a nation's production possibilities. C. Have a neutral impact since the losses cancel out the benefits. D. Increase a trade deficit in the short run.
Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to
A. Increase and the equilibrium quantity of the other good to decrease. B. Decrease and the equilibrium quantity of the other good to decrease. C. Decrease and the equilibrium quantity of the other good to increase. D. Increase and the equilibrium quantity of the other good to increase.