On a graph we draw a consumer's budget constraint, measuring the number of apples on the horizontal axis and the number of light bulbs on the vertical axis. If the slope of the budget constraint is -2, then
a. an apple costs twice as much as a light bulb.
b. the opportunity cost of a light bulb is 2 apples.
c. the opportunity cost of an apple is one-half of a light bulb.
d. All of the above are correct.
a
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If the prices of goods and services were expressed in terms of coconuts, then coconuts would be serving as a
A) medium of exchange. B) store of value. C) standard of value. D) fiat money.
In the table above, in terms of units of hamburgers, real income is
A) lower in case A than in cases B and C. B) lower in case B than in cases A and C. C) lower in case C than in cases A and B. D) equal in all three cases.
Exports account for what percent of GDP in the United States?
a. 2 percent b. 5 percent c. 11 percent d. 15 percent e. 20 percent
Which of the following explains economics as it should be?
a. microeconomics b. ideal economics c. delusional economics d. normative economics