If Larry has budget constraint B in the graph shown, what is his opportunity cost of one gallon of milk?
This graph shows three different budget constraints: A, B, and C.
A. It is 6 cases of soda.
B. It is exactly one case of soda.
C. It is less than one case of soda.
D. It is more than one case of soda.
C. It is less than one case of soda.
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The figure above shows that in 1996, unemployment was equal to about ________ and the inflation rate was equal to about ________
A) 7.0 percent; 3.0 percent B) 3.0 percent; 5.5 percent C) 5.5 percent; 3.0 percent D) 6.0 percent; 4.0 percent
Select the normative statement that completes the following sentence: If the minimum wage is raised:
a. cost per unit of output will rise. b. workers will gain their rightful share of total income. c. the rate of inflation will increase. d. profits will fall.
In using a prisoners' dilemma game to model the behavior of firms within an oligopoly, we are assuming that:
a. each firm seeks to act in its best interest. b. each firm seeks to act in the best interest of the industry as a whole. c. all firms will pursue the same strategy. d. each firm will pursue a different strategy.
All of the following would affect the position and shape of a nation's production possibilities curve, except:
A. The amount of labor available B. The level of unemployment C. The amount of the capital resources D. The rate of technological progress