If a farmer's opportunity cost of producing 50,000 bushels of wheat is 20,000 fewer bushels of soybeans, then her opportunity cost of producing 50,000 bushels of soybeans must also be 20,000 fewer bushels of wheat
a. True
b. False
Indicate whether the statement is true or false
False
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The three broad reasons for saving, as identified by economists, relate to:
A. the life-cycle, precaution, and bequests. B. national, public, and private production. C. capital gains, capital losses, and deficits. D. consumption, investment, and exports.
Suppose that the Zubians can produce 1000 pounds of flour per hours, or catch 500 pounds of fish per hour. In contrast, the Zirconians can produce 1800 pounds of flour per hour, or catch 300 pounds of fish per hours. What is the comparative advantage of the Zubians?
a. Flour. b. Fish. c. Neither flour nor fish. d. Both flour and fish.
Procyclical policy:
What will be an ideal response?
Which English philosopher set out to develop an arithmetic formula for measuring happiness and along the way invented the util?
A) John Maynard Keynes B) Milton Friedman C) Jeremy Bentham D) Adam Smith