Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Dewey's opportunity cost of producing one bushel of corn is 1/2 yard of cloth
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.
Most economists believe that the market __________ produce nonexcludable public goods because of the __________.
A. will; monetary incentive they have to produce them B. will not; externality problem C. will not; free rider problem D. will; market shortage that often accompanies the production of public goods. E. none of the above
Total cost can be defined as:
A. the amount that a firm receives from the sale of goods and services. B. the amount that an individual spends on all normal goods and services within a specified period of time. C. the amount that a firm spends on all inputs that go into producing a good or service. D. None of these is correct.
If the percent change in nominal GDP is 3 percent and inflation is 4 percent, the percent change in real GDP is:
A. 1 percent. B. 2 percent. C. -1 percent. D. 0 percent.