Refer to Table 2-6. What is Lucy's opportunity cost of making a tricycle?
A) 3/4 of a wagon B) 2 tricycles C) 3 wagons D) 1 1/3 tricycles
A
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The economic problem is essentially one of deciding how to make the best use of
A. limited resources to satisfy limited wants. B. unlimited resources to satisfy limited wants. C. limited resources to satisfy unlimited wants. D. unlimited resources to satisfy unlimited wants.
The market for electricians in a small town might have a different structure than in a large city because
A) cartels are legal in large cities but not in small towns. B) the small town market can only support a few electricians. C) unions are stronger in large cities than in small towns. D) None of the above.
The median voter must have preferences that reflect those of all people in the community.
A. True B. False C. Uncertain
If a commercial bank has liabilities valued at $150 million, a net worth of $50 million and assets (not including loans) of $180 million, what is the value of the bank's loans?
a. $180 million b. $200 million c. $20 million d. $280 million e. $80 million