Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A) 2 gallons of wine.
B) 3 gallons of wine.
C) 0.5 gallons of wine.
D) 0.33 gallons of wine.
A
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A given supply curve illustrates
A) the relationship between price and quantity supplied. B) the effect of a change in resource costs on quantity supplied. C) the effect of a change in technology on quantity supplied. D) the relationship between expected future prices and quantity supplied.
Other things equal, an increase in aggregate spending tends to be associated with:
a. cost-push inflation. b. an economic depression. c. a lower level of equilibrium real GDP. d. demand-pull inflation. e. an increase in the quality of goods and services produced.
When positive spending shocks occur, transfer payments automatically fall
a. True b. False
If a nation is going to achieve and sustain a high rate of economic growth, it must
a. prohibit low-wage foreign producers from supplying goods to the domestic market. b. have an abundant domestic supply of low cost energy resources. c. have a mechanism capable of attracting savings and channeling them into wealth-creating projects. d. impose regulations that will limit the intensity of competition among domestic firms.