Romania has a comparative advantage in the production of
A. basketballs.
B. Barbie dolls.
C. both basketballs and Barbie dolls.
D. neither basketballs nor Barbie dolls.
A. basketballs.
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Which of the following could be considered an example of a monopsony?
a. a professional sports league b. the only auto repair shop in a small town c. a single mining firm that was the only employer in the area d. all of the above
What is the opportunity cost of moving from point A to point B?
Hypothetical Production Schedule for Two-Product Economy
In Figure 35.1, what is the opportunity cost of motorcycles in Japan?
A. 1 DVD player per motorcycle. B. 2 DVD players per motorcycle. C. 3 DVD players per motorcycle. D. 1/2 of a DVD player per motorcycle.
Drawing demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is:
A. incomes. B. expectations. C. price. D. preferences.