The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Art's opportunity cost of producing one computer is ________ pounds of beef.
A. 1/50
B. 50
C. 1/100
D. 100
Answer: D
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Which of the following wars consumed almost half of the United States' total output?
A. the Civil War B. World War I C. World War II D. the Vietnam War
The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1. B) greater than 1. C) equal to 1. D) infinity.
According to the graph shown, when this economy is open to free trade without restriction, the amount imported is:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
A. 900.
B. 1250.
C. 650.
D. 1000.
A mutual fund
a. is a financial market where small firms mutually agree to sell stocks and bonds to raise funds. b. is funds set aside by local governments to lend to small firms who want to invest in projects that are mutually beneficial to the firm and community. c. sells stocks and bonds on behalf of small and less known firms who would otherwise have to pay high interest to obtain credit. d. is an institution that sells shares to the public and uses the proceeds to buy a selection of various types of stocks, bonds, or both stocks and bonds.