A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFSteel012345Wheat100907555300In moving from combination E to F, the opportunity cost of an additional unit of steel is
A. 0 unit of wheat.
B. 30 units of wheat.
C. 5 units of steel.
D. 1 unit of steel.
Answer: B
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Technological progress in agriculture has been beneficial for _________ but harmful to __________ because the output of farm goods has grown so rapidly as a result.
a. small farmers, large farmers b. consumers, farmers c. farmers, consumers d. the United States, other countries e. other countries, the United States
Economists use the phrase ceteris paribus to express the assumption
A. "everything affects everything else." B. "there is no such thing as a free lunch." C. "all else equal." D. "scarcity is a fact of life."
What are "cash-out refinancings"?
What will be an ideal response?
If planned aggregate expenditure (PAE) in an economy equals 1,000 + 0.9Y and potential output (Y*) equals 9,000, then this economy has:
A. no autonomous expenditure. B. an expansionary gap. C. no output gap. D. a recessionary gap.