For every choice a person makes it can be assumed that
A) the chooser has full knowledge of the situation.
B) some opportunity cost was involved.
C) there is a fifty-fifty chance the choice was the wrong one.
D) a good is involved and satisfaction is gained.
Answer: B
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A commercial bank's reserves are equal to the amount of
A) the bank's loans. B) only the currency in its vault. C) currency in the bank's vault plus the balance on its reserve account at a Federal Reserve Bank. D) the bank's deposits. E) the bank's government securities.
"If Mexico is currently operating at a point inside its production possibilities frontier, then there are unemployed or misallocated resources in Mexico." Is this statement true or false? Briefly explain your answer
What will be an ideal response?
Refer to the table above. What is the average total cost of producing 160 units of the good?
A) $0.50 B) $0.93 C) $1.44 D) $2
Which of the following is likely to cause an outward shift of a production possibility curve?
a. An increase in the price of the commodity represented on the horizontal axis b. A fall in the cost of producing the commodity represented on the vertical axis c. An improvement in the available technology d. A fall in the supply of resources e. An increase in the supply of unskilled workers