Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?
A) 1/2 of a ton of pineapples
B) 1 1/3 tons of pineapples
C) 2 tons of pineapples
D) 90 tons of pineapples
A
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The host at a party offers Justin a sixth beer. Justin says, “No thanks, man. The marginal utility of that fifth beer was, like, 20 cents, but the marginal utility of the sixth would be minus 10 cents.” From his comments, we deduce that Justin
A. is an alcoholic. B. may think that a sixth beer would make him sick. C. is irrational. D. wrongly estimates the marginal utility of the fifth beer.
Which of the following best describes how banks create money?
A) Banks charge higher interest rates on loans than they pay on deposits. B) Banks charge fees for providing financial advice. C) Banks make loans from reserves. D) Banks create checking account deposits when making loans from excess reserves.
In game theory, a Nash equilibrium is the set of strategies each of the players chooses by selecting the strategy that maximizes her payoff independent of what the other players might choose
Indicate whether the statement is true or false
Income per person in the United States is approximately ____ that of Sierra Leone, Malawi, and Niger, three of the world's poorest countries
a. the same as b. double c. ten times d. fifty times