The accompanying figure shows the production possibilities curve for the island of Genovia:
If 500 cars are produced in Genovia, a maximum of ________ tons of agricultural products can be produced.
A. 50,000
B. 45,000
C. 25,000
D. 40,000
Answer: C
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The equilibrium price in the market for foreign currencies is called
a. The price b. The market price c. The exchange rate d. The going rate
If events A and B are independent, then Pr[A and B] will be:
a. Pr[A]Pr[B]. b. Pr[A]-Pr[B]. c. Pr[A]?Pr[B]. d. Pr[A]?Pr[B].
The chief economist of the country of Elbonia has predicted that the new policies adopted by the government will lead to higher economic growth accompanied by lower rates of inflation. The currency of Elbonia is expected to: a. weaken
b. appreciate. c. depreciate. d. devaluate.