Refer to Figure 2-10. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 26 thousand forks
C) 40 thousand spoons D) 20 thousand spoons
D
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The funds used to buy and operate physical capital are
A) depreciation. B) financial capital. C) saving. D) wealth.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12, the firm
A) incurs an economic loss, but will not shut down. B) will not shut down in the short run, but will leave the industry in the long run. C) will shut down. D) is breaking even.
What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an effect on the market
What will be an ideal response?
Cyclical unemployment is a problem because
a. it reflects lost output b. workers are not compensated have no income support at all while they are unemployed c. it will never reach zero d. cyclically-unemployed individuals do not have the skills needed for available jobs e. we do not know how to reduce it