In a dual economy with limited currency convertibility:
A. neither the traditional nor the international sector tends to be dollarized.
B. only the traditional sector tends to be dollarized.
C. only the international sector tends to be dollarized.
D. both the traditional and international sectors tend to be dollarized.
Answer: C
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The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A. expansion of output in one industry means expansion cannot occur in another industry. B. expansion of output in one industry means output in another industry must contract. C. output cannot be increased in any industry. D. output of all industries must contract until more resources are found.
Marginal, average, and total figures are unrelated.
Answer the following statement true (T) or false (F)
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question.
The marginal revenue of the 100th unit is $________.
A. 20 B. 40 C. 50 D. 0 E. cannot tell from the information provided
In the figure below, we see an expansion of the production-possibility curve (from PPC1 to PPC2). The two goods produced are wheat and cloth, which are land-intensive and labor-intensive, respectively. The outward shift of the production-possibility curve is likely the result of
A. a fall in the average cost of producing cloth. B. an increase in the national amount of usable land, the size of the labor force remaining unchanged. C. an increase in the size of the labor force, the area under cultivation remaining unchanged. D. an increase in the price of cloth.