Esther and Albert produce hamburgers and hot dogs. Esther can produce six hamburgers per hour or four hot dogs per hour. Albert can produce three hamburgers per hour or one hot dog per hour. Based on the scenario, Albert's opportunity cost for one hot dog is:
a. 3 hamburgers.
b. 1 1/2 hamburgers
c. 6 hamburgers
d. 4 hamburgers
a. 3 hamburgers.
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Suppose that Germany, France, Estonia, and India all have the same production possibilities, illustrated in the figure above. Based on the production points in the figure, which country is most likely to expand its PPF to PPF1?
A) France B) France and Germany equally C) India D) Germany E) Estonia
An inelastic demand indicates that
A) quantity demanded does not vary with changes in the price. B) relatively small changes in price lead to relatively large changes in quantity demanded. C) relatively large changes in price are required to obtain a relatively small change in quantity demanded. D) relatively large changes in quantity demanded lead to relatively large changes in price.
According to the hypothesis, when did structural stagnation begin?
A. The mid-1990s B. The mid-1970s C. The mid-1980s D. The mid-1960s
The Federal Reserve raises the discount rate. This would be an example of:
a) easy fiscal policy b) tight monetary policy c) offensive monetary policy d) tight fiscal policy e) easy monetary policy