Refer to the information provided in Table 33.1 below to answer the question(s) that follow. Table 33.1
Refer to Table 33.1. The opportunity cost of producing a bushel of oranges in Mexico is
A. four times as much as that in Guatemala.
B. twice as much as that in Guatemala.
C. half as much as that in Guatemala.
D. the same as that in Guatemala.
Answer: C
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Which of the following factors will make the demand for a product more elastic?
A) The product has no close substitutes. B) A very small proportion of income is spent on the good. C) A long time period has elapsed since the product's price changed. D) The change in the product's price was unexpected.
Although rice is a staple of the Japanese diet, the Japanese government has long restricted the importation of rice into Japan. The result of this import quota is:
A) to decrease the price of rice to the Japanese people. B) to decrease the consumer surplus of Japanese rice consumers. C) to decrease the producer surplus of Japanese rice producers. D) a welfare gain for the Japanese people. E) to increase the consumption of rice by the Japanese people.
Historically, realists have viewed competition over resources as
a. a major cause of war. b. a method for solving collective action problems. c. an exploitation of developing countries. d. a way for poor nations to raise their standard of living.
Which of the following are components of fiscal policy?
What will be an ideal response?