Refer to the given data. The domestic opportunity cost of producing 1 ton of steel in Omega is:
A. ½ ton of wheat.
B. 2 tons of wheat.
C. 3 tons of wheat.
D. 5 tons of wheat.
C. 3 tons of wheat.
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Which of the following would likely be studied in a macroeconomics course?
A) the unemployment rate B) total output for an economy C) the inflation rate D) all of the above
If new firms enter a perfectly competitive industry seeking economic profit and begin producing goods, which of the following will occur?
a. The market supply curve will shift leftward with movement along an unchanged demand curve. b. The market supply curve will shift rightward with movement along an unchanged demand curve. c. The market supply and demand curves will both shift to the left. d. The market supply and demand curves will both shift to the right. e. There will be movement down and to the right along a fixed supply curve.
When economists say the demand for a good is highly inelastic, they mean that
a. even if the price rose substantially, suppliers would be unwilling to offer much more of the good. b. the facilities utilized by producers of the good are inflexible; producers cannot easily expand their facilities, even in the long run. c. consumers will respond to a change in the price of the good by purchasing substantially more of it. d. a large (percentage) change in the price of a good will result in only a small (percentage) change in the quantity demanded.
If one added up the value of all intermediate goods that went into the production of real GDP, the total value of intermediate goods would be
A. Equal to the GDP. B. Greater than the GDP. C. Less than the GDP. D. None of the choices are correct.