In the above table, for Mary the opportunity cost of producing a dress is ________ and the opportunity cost for Mark of producing a dress is ________
A) 1 1/2 jackets; 2 1/2 jackets
B) 1 jacket; 1 jacket
C) 1 dress; 1 dress
D) 1 1/2 jackets; 2/3 of a jacket
E) 1 1/4 jackets; 1/2 of a jacket
D
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The new growth theory asserts that
A) eventually people earn only a subsistence living. B) a discovery can be used by only one person, the discoverer. C) technology improves slowly while population grows rapidly. D) production processes can be replicated at many different firms in the economy. E) the population growth rate will increase when real GDP per person increases.
The figure illustrates Sally's budget line and her preferences. Point ________ is Sally's best affordable point, and Sally prefers point ________ to point ________
A) A; B; A B) E; C; B C) B; A; B D) B; B; D
The official poverty rate for the United States for a family of four is approximately:
a. $12,000. b. $16,000. c. $20,000. d. $24,000.
When the long-run average total cost does not change as the level of output varies, there are constant returns to scale
a. True b. False Indicate whether the statement is true or false