Refer to the information provided in Table 20.4 below to answer the question(s) that follow.
Table 20.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 20.4. In Chile, the opportunity cost of 1 case of beer is
A. 1/2 case of wine.
B. 1 case of wine.
C. 2 cases of wine.
D. 4 cases of wine.
Answer: C
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When your income increases
A) your budget line shifts rightward and its slope does not change. B) your budget line shifts leftward and its slope does not change. C) the slope of your budget line increases. D) the slope of your budget line decreases.
Long-run aggregate supply shocks are a source of business cycle fluctuations in ________
A) traditional Keynesian and new Keynesian theory B) new Keynesian and real business cycle theory C) real business cycle and traditional Keynesian theory D) traditional Keynesian, new Keynesian and real business cycle theory
When regulators require that a natural monopoly sets price equal to average total cost:
a. it is said to be allowing a fair rate of return. b. the firm earns a super normal profit. c. the firm shuts down permanently. d. the firm operates at the profit-maximizing level of output. e. the firm shuts down temporarily.
A mortgage that allows the borrower to choose the monthly payment for a few years is a
A. credit-default swap. B. "liar loan." C. pay-option adjustable-rate mortgage. D. traditional, thirty-year fixed-rate mortgage.