The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is:
A. 300 units of autos.
B. 200 units of autos.
C. 650 units of autos.
D. 350 units of autos.
Answer: A
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Before Social Security, 51 percent of men over age 65 worked. Today that number is
A. 9 percent. B. 32 percent. C. 43 percent. D. 24 percent.
The price of a bus ride decreases, and the total revenue of the bus company decreases. The demand for bus rides is ________
A) perfectly elastic B) inelastic C) unit elastic D) elastic but not necessarily perfectly elastic
If discussing trade, it is ____ which matters, rather than ____. absolute advantage; comparative advantage
a. absolute advantage; comparative advantage b. comparative advantage; absolute advantage c. resource cost; comparative advantage d. the total amount of the good producible; comparative advantage
To build growth into its economy, a less-developed country must not
a. invest in education because the fruits of that investment is long run b. focus on the infrastructure that has been its problem c. shift resources out of the production of consumtion goods and into the production of capital goods because a healthy worker is a productive worker d. shift resources out of the production of capital goods and into the production of consumption goods because they need capital to increase labor productivity e. engage in curbing population because more workers means more output