In one year, a weapons plant can manufacture either 1,000 more guns or 50 more tanks. The plant's opportunity cost of an extra tank is approximately
a. 20 guns
b. 50 guns
c. 50 tanks
d. 1/50 of a tank
e. 1/50 of a gun
A
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The federal government facilitated suburbanization by providing _______________ and ___________________.
Fill in the blank(s) with the appropriate word(s).
One example of a microeconomic question is, "Should unemployment benefits be increased?"
Answer the following statement true (T) or false (F)
With trade, the slope of the Consumption Possibilities Curve (CPC) is equal to
A) the world price of the good on the horizontal axis. B) the world price of the good on the vertical axis. C) the opportunity cost of the good on the horizontal axis. D) the opportunity cost of the good on the vertical axis.
Adam Smith
A. wrote The Wealth of Nations. B. said that the entrepreneur is motivated by self-interest. C. coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest. D. All of the statements about Adam Smith are true.