In the last 250 years the U.S. economy has succeeded in
What will be an ideal response?
relaxing the grip of scarcity and improving the quality of life.
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The president of which Federal Reserve Bank is always a voting member of the FOMC? Why?
What will be an ideal response?
Using graphs to illustrate the concepts, absolute advantage
A. is shown with differences in slope of a production possibilities curve; comparative advantage is shown with a lower curve. B. requires a very steep curve; comparative advantage requires a curve with a shallow slope. C. on one good requires that the slope of the production possibilities curve be steeper for that good. D. is shown with a higher production possibilities curve; comparative advantage is shown with differences in slope of the curves.
Explain how money solves the problem of the "double coincidence of wants."
What will be an ideal response?
A nation can produce two products: tanks and autos. The table below is the nation's production possibilities:
Refer to the above table. The marginal opportunity cost of the fourth unit of tanks is:
A. 4 units of tanks
B. 300 units of autos
C. 350 units of autos
D. 1000 units of autos