Typically, in towns and villages across the Midwest, bowling alleys are one-story buildings. In Manhattan, one is more likely to bowl in alleys found in multi-story high rises. How would the economic way of thinking explain this?
What will be an ideal response?
The opportunity cost of building single-story bowling alleys in Manhattan is too high.
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Refer to Mexico and Japan. Can trade in food and cloth benefit Mexico and Japan?
a. It cannot benefit Japan, because Japan cannot successfully compete with Mexico.
b. It cannot benefit Mexico, because Japan is too small to be an effective trading partner.
c. It can benefit both only if the people in Mexico and Japan have different tastes.
d. It can benefit both if Mexico specializes in food and Japan specializes in cloth.
Firms in an oligopoly market will have a more difficult time maintaining price coordination when:
A) demand for the firms' products remains stable. B) the firms' cost structures are similar. C) the firms' products are highly differentiated. D) each firm controls the same share of the market.
If M stand for the money supply, V for the velocity of money, P for the average selling price, and Q for the output of goods and services, the equation of exchange is MV = PQ
a. True b. False Indicate whether the statement is true or false
In the Keynesian cross model, government spending as a function of national income is a(n): a. horizontal line at a fixed level of expenditure. b. vertical line at a fixed level of real GDP
c. upward-sloping curve. d. downward-sloping curve.