Alpha can produce either 18 tons of oranges or 9 tons of apples in a year, while Omega can produce either 16 tons of oranges or 4 tons of apples. The opportunity costs of producing 1 ton of oranges for Alpha and Omega, respectively, are:
a. 0.25 tons of apples; 0.5 tons of apples.
b. 9 tons of apples; 4 tons of apples
c. 2 tons of apples; 4 tons of apples.
d. 0.5 tons of apples; 0.25 tons of apples.
d
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Of the following high-income countries, which has the lowest mortality ratio for cancer?
A) Canada B) Japan C) the United Kingdom D) the United States
When a government intervenes in an economy in a way that influences the relationship between households and businesses, it is:
A. serving the public good. B. reducing social welfare by interfering with the invisible hand. C. serving as an economic actor. D. serving as an economic referee.
Between October 2014 and October 2015, the CPI in Canada rose from 120 to 124 and the CPI in Mexico rose from 210 to 229.1 . What were the inflation rates for Canada and Mexico over this one-year period?
a. 3.3 percent for Canada and 9.1 percent for Mexico b. 3.3 percent for Canada and 8.3 percent for Mexico c. 3.2 percent for Canada and 9.1 percent for Mexico d. 3.2 percent for Canada and 8.3 percent for Mexico
Explain why even small changes in the rate of economic growth are significant. Use the “rule of 70” to demonstrate the point.
What will be an ideal response?