Which movement between two points represents economic growth?
A. J to K
B. K to L
C. L to M
D. M to N
B. K to L
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Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The opportunity cost of a cup of coffee is:
A. 3 cappuccinos. B. 1/3 of a cappuccino. C. 9 cappuccinos. D. 6 cappuccinos.
An individual's demand curve for X
A. shows how the individual's preferences change as the consumer income changes. B. shows how the utility-maximizing choice of X changes as the price of X changes. C. shows how the individual's preferences change as the price of X changes. D. both a and b E. both a and c
Equilibrium price is _____.
If the United States imposed higher tariffs and more restrictive quotas that reduced imports,
What will be an ideal response?