If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measured in terms of private housing? (Assume a defense budget of $700 billion.)
Answer: 4.7 ± 0.9 million
Economics
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If MRP > P, a firm should use less of that input
a. True b. False Indicate whether the statement is true or false
Economics
What are the costs and benefits of foreign trade?
What will be an ideal response?
Economics
The asset demand for money and the rate of interest are:
a. Unrelated b. Directly related c. Both stable d. Inversely related
Economics
The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y.
What will be an ideal response?
Economics