The individual demand curve that is implied by the budget constraints and indifference curves below will be:
A. Perfectly elastic
B. Relatively elastic
C. Perfectly inelastic
D. Relatively inelastic
C. Perfectly inelastic
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Based on Table 3.1, the opportunity cost of a pair of shoes in the United States is
A) three computers. B) two computers. C) one computer. D) one-half computer. E) None of the above.
With positive net exports, a nation is a net ________, and thus has a ________ "net foreign investment."
A) seller of assets to foreigners, positive B) seller of assets to foreigners, negative C) buyer of foreign assets, positive D) buyer of foreign assets, negative
The Northwest Land Ordinance of 1785 provided for western lands to be divided into townships, each of which covered
a. 100 acres. b. all of the land between any two identifiable natural objects, such as streams, trees or rocks. c. enough land to support 10 families. d. 36 square miles.
What matters most in determining efficient distribution of production over the world is
a. absolute advantage. b. efficiency. c. the stock of resources. d. comparative advantage.