Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point Y?
A) 2 million tons of paper B) 14 million tons of steel
C) 9 million tons of paper D) 2 million tons of steel
D
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What is meant by the expected rate of return?
What will be an ideal response?
In the late 1990s, M2 velocity ________, suggesting a ________ normal relationship between M2 and macroeconomic variables
A) stabilized; less B) stabilized; more C) slowed; less D) slowed; more
Derived demand is
A) a derivative of the demand curve. B) the demand for goods and services produced by companies using scarce resources. C) the demand for advertising to increase the sales of the product. D) the demand for the factors of production that are used to produce goods and services.
An advantage of capitalism is that
a. It allows the market to self-regulate and clear itself b. It allows a person to follow his or her own self interest c. It allows voluntary transactions, which create wealth d. All of the above