In order for Ethiopia to increase its future economic growth, it must choose a point that is:
a. further along on its production possibilities curve toward the capital goods axis.
b. above its production possibilities curve.
c. below its production possibilities curve.
d. further along on its production possibilities curve toward the consumption goods axis.
a
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If in Switzerland in January, 2009 the CPI was 187.4 and in January, 2010 it was 191.1, then the inflation rate in 2010 was
A) 1.9 percent. B) 3.7 percent. C) -1.9 percent. D) unknown without the base period index number. E) unknown without the real prices.
The above figures show the market for gasoline. Which figure(s) shows the effect of a freezing cold winter which drives up the price of home heating oil (a substitute in production for gasoline because each is made from crude oil)?
A) Figure B B) Figure C C) Figure D D) Figures B and C
The opportunity cost of taking an on-line history class is
A) the cost of tuition and fees only. B) zero because there is no classroom time involved if you are enrolled in the course. C) the value of the time spent on line. D) the knowledge and enjoyment you receive from taking the class. E) equal to the highest value of an alternative use of the time and money spent on the class.
Compared to the long run, consumers typically ____ to price changes in the short run
a. are very responsive b. are more demand sensitive c. are less demand sensitive d. do not respond at all e. overreact