Exhibit 21-1 Production possibilities curves
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In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Suppose Pada produces at point B on its PPC. How much corn is the country able to produce?
A. 2.
B. 15.
C. 10.
D. 6.
Answer: A
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According to the above table, the opportunity cost of each additional computer in terms of televisions
A) remains constant. B) falls as more computers are produced. C) increases as more computers are produced. D) is meaningless because the cost of computers cannot be expressed in terms of televisions.
If Tom drives a car more recklessly after he purchases a comprehensive insurance plan, the change in his behavior is an adverse selection problem.
Answer the following statement true (T) or false (F)
Why is the U.S. putting less emphasis on multilateral and more emphasis on bilateral trade agreements?
What will be an ideal response?
A perfectly competitive firm is hiring variable resources m and n. It will minimize total costs when
A. MPm/Pm = MPn/Pn. B. MRPm/MFCm = MRPn/MFCn. C. Pm/MPm = Pn/MPn. D. MRPm ? MFCn = MRPn ? MFCm.