For the farmer, 12.8 pounds of
A. meat is the opportunity cost of 16.0 pounds of potatoes.
B. potatoes is the opportunity cost of 8.0 pounds of meat.
C. meat is the opportunity cost of 10.6 pounds of potatoes.
D. potatoes is the opportunity cost of 6.8 pounds of meat.
Answer: B. potatoes is the opportunity cost of 8.0 pounds of meat.
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The figure above shows the U.S. demand and U.S. supply curves for cherries. In the absence of international trade, cherry farmers would receive ________ per pound of cherries
A) $2.50 B) $1.50 C) $2.00 D) $1.00 E) $0.50
An indication that Insurance companies anticipate adverse selection is
a. they require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they do not require a co-payment
The "rules of the game," the set of conditions that shape individual incentives and constraints, are determined by
a. the production possibilities frontier b. scarcity c. technology d. the amount of consumer goods in the economy e. laws about resource ownership and the role of government
The variance of a distribution increases more than proportionately with the spread of the distribution because:
a. variance is a squared quantity. b. variance always lies at the center of the distribution. c. variance is half the value of mean. d. variance is closer to the maximum values.