Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 15 watermelons in can produce no more than:
A. 400 bushels of apples.
B. 300 bushels of apples.
C. 200 bushels of apples.
D. 100 bushels of apples.
D. 100 bushels of apples.
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Suppose the price elasticity of demand for oil is 0.1. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by.
A) 200 percent B) 20 percent C) 2 percent D) 0.2 percent.
Based on the graph showing an increase in the growth of the money supply, if the economy maintains a 6 percent inflation rate for a fairly long time, people’s expectations will adjust and move the economy from ______.
a. point B to point A
b. point B to point C
c. point C to point A
d. point C to point B
Assume a country produces only wine and cups. Both wine and cup production use land and labor as their only inputs. Wine production is relatively land-intensive while cup production is relatively labor-intensive. According to the Rybczynski theorem, a significant rise in immigration is most likely to lead to
A. an increase in wine production by a greater proportion than the increase in the production of cups. B. an increase in the production of cups by a greater proportion than the increase in the size of the labor force due to immigration. C. an increase in the production of both wine and cups. D. an increase in wine production by a greater proportion than the increase in the size of the labor force due to immigration.
Briefly explain the factors of production and give an example of each
What will be an ideal response?