Maximum Feasible Hourly Production Rates of EitherProduct A or Product B Using All Available ResourcesProductCountry XCountry YA48B44 Refer to the above table. If opportunity costs are constant, then the opportunity cost of producing good B in country X is ________, and the opportunity cost of producing good B in country Y is ________.
A. 1 unit of A; 0.5 unit of A
B. 1 unit of A; 0.5 unit of B
C. 1 unit of B; 2 units of A
D. 1 unit of A; 2 units of A
Answer: D
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The "invisible hand" refers to
a. the government. b. the free market. c. central planners. d. large businesses.
The sum of the marginal propensity to consume (MPC) and the marginal propensity to save (MPS) always equals:
A. 1. B. 0. C. the interest rate. D. the marginal propensity to invest (MPI).
Refer to the graph above. Over the $5-$6 range, the elasticity of supply using the midpoints formula is:
A. 0.88. B. 1.22. C. 1.00. D. 0.22.
Producer surplus
A. is the difference between the minimum price producers are willing to accept for a product and the higher equilibrium price. B. is the difference between the maximum price consumers are willing to pay for a product and the lower equilibrium price. C. rises as equilibrium price falls. D. is the difference between the maximum price consumers are willing to pay for a product and the minimum price producers are willing to accept.