If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine
Indicate whether the statement is true or false
FALSE
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Which of the following is a listing of the types or categories of resources?
A. Land, labor, and capital B. Land, labor, and education C. Land, labor, and efficiency D. Land, labor, and markets E. Land, labor, and inputs
What are some of the main ways in which the economies of developing countries differ from one another?
What will be an ideal response?
What is marginal cost?
Suppose that a new government is elected in Eurnesia. The new government takes steps toward improving the court system and reducing government corruption. The citizens of Eurnesia find these efforts credible and outsiders believe these changes will be effective and long lasting. These changes will probably
a. raise real GDP per person and productivity in Eurnesia. b. raise real GDP per person but not productivity in Eurnesia. c. raise productivity but not real GDP per person in Eurnesia. d. raise neither productivity nor real GDP per person in Eurnesia.