Refer to Figure 2-9. The opportunity cost of obtaining 15 additional toasters by moving from point D to point C is
a. 10 toothbrushes.
b. 20 toothbrushes.
c. 30 toothbrushes.
d. none of the above; the economy cannot move from point D to point C.
d. none of the above; the economy cannot move from point D to point C.
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From 1900 to 1960, Latin America's real GDP grew
A) slower than Europe, Asia, and the U.S. B) as fast or faster than Europe, Asia, and the U.S. C) faster than Europe and the U.S. but slower than Asia. D) faster than Asia, but slower than Europe and the U.S.
Elasticity along a downward sloping linear demand curve
A) is constant and equal to the slope of the curve. B) is constant and equal to the slope times the ratio of price to quantity. C) changes along the curve. D) does not vary with price unless the good is expensive.
When a business finds its obligations are ended,
a. all costs are variable costs b. this is the short run c. the market price of the output rises d. the marginal cost curve shifts up e. it may have to continue operations to minimize losses
Which of the following is NOT counted as an economic resource?
a. Forests. b. Mental abilities of labor. c. Stocks and bonds. d. Entrepreneurship. e. All of the above are included.