Refer to Figure 2-13. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?
A) 1/2 of a ton of pineapples B) 1 1/3 tons of pineapples
C) 2 tons of pineapples D) 90 tons of pineapples
A
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Which of the following is TRUE?
I. Checks are considered money because they can be used as a medium of exchange. II. Checks represent a transfer of money. A) I only B) II only C) both I and II D) neither I nor II
The actual government budget surplus ________ be used to determine the effectiveness of discretionary fiscal policy actions because ________
A) cannot; it excludes non-discretionary spending changes B) can; it includes non-discretionary spending changes C) cannot; it includes non-discretionary spending changes D) can; it excludes automatic stabilization expenditures
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, the consumer's net gain in surplus equals
A) c - f. B) b - f. C) d - f. D) The answer cannot be determined from the information given.
The market clearing price of a good is
A. the price at which there is no surplus and no shortage. B. the price that consumers prefer. C. the price that producers prefer. D. the price at which there is at least some of the good available for everyone.