Refer to Table 2-16. What is Estonia's opportunity cost of producing one board foot of lumber?
A) 0.2 cell phones B) 5 cell phones C) 8 cell phones D) 32 cell phones
A
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In a perfectly competitive market, if market price is lower than the average total cost of production:
A) new firms will enter the market. B) existing firms will leave the market. C) all existing firms will earn positive economic profits. D) all existing firms will earn zero economic profits.
Consider a system in which a person earning $10,000 pays $1,000 in taxes, a person earning $25,000 pays $1,000 in taxes and a person earning $60,000 pays $1,000 in taxes. What type of tax is this?
a. progressive b. proportional c. regressive d. transgressive e. unfair
A higher saving rate will promote capital deepening.
Answer the following statement true (T) or false (F)
Refer to the information provided in Table 20.1 below to answer the question(s) that follow. Table 20.1
Refer to Table 20.1. In Guatemala, the opportunity cost of 1 bushel of bananas is
A. 1/2 bushel of oranges. B. 1 bushels of oranges. C. 2 bushels of oranges. D. 4 bushels of oranges.