Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 80 cakes.
B. 8 cakes.
C. 3/4 of a cake.
D. 4/3 of a cake.
Answer: C
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The policy of running deficits and only gradually increasing taxes later to service the debt is referred to as
A) tax-smoothing. B) Ricardian equivalence. C) generational accounting. D) crowding out.
The greater the substitutability between Northwest timber and Southeast timber, the ________ is the cross elasticity of demand between timber from the two regions and the ________ is the elasticity of demand for Northwest timber
A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
What does it mean if an industry has external diseconomies?
What will be an ideal response?
What do economists mean when they say that "there is no such thing as a free lunch?"
What will be an ideal response?