What is the opportunity cost of 1 ton of apples for the nations of Argentina and Brazil, respectively?
A. 4 tons of oranges and 2 tons of oranges
B. 2.5 tons of oranges and .4 tons of oranges
C. .25 tons of oranges and .5 tons of oranges
D. 2 tons of oranges and 4 tons of oranges
D. 2 tons of oranges and 4 tons of oranges
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Country Costa and Country Delta initially have the same real GDP per capita. Country Costa experiences no economic growth, while Country Delta grows at a sustained rate of 3.5 percent. In 20 years, Country Delta's GDP will be approximately ___________ that of Country Costa.
a. triple b. double c. one-half d. one-fourth
Refer to Figure 2.1. A movement from point a to point b is most likely caused by:
A. a decrease in the price of the good.
B. an increase in consumers' incomes, assuming the good is normal.
C. an increase in the price of a complementary good.
D. a decrease in consumers' incomes, assuming the good is normal.
Kelly is a U.S. citizen who works for Burton located in Germany. Kelly's work contributes to:
A. U.S. GNP, but not U.S. GDP. B. U.S. GDP, but not U.S. GNP. C. U.S. GNP and U.S. GDP. D. Germany's GNP and U.S. GDP.
How might other firms in an oligopoly interpret your drop in price?
What will be an ideal response?