Refer to the information provided in Figure 6.11 below to answer the question that follows.
Figure 6.11Refer to Figure 6.11. The opportunity cost for a day's worth of income is ________ of leisure.
A. 1 hour
B. 10 hours
C. 24 hours
D. indeterminate from this information.
Answer: C
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Elasticity is a useful tool in learning more about the character of demand. It depicts
a. the way to find market equilibrium b. a ratio of percentage changes c. how easily prices adjust to changing market (supply and demand) conditions d. how price changes as quantity demanded changes e. how consumers react to shifts in demand
Which of the following quotations illustrates the Tragedy of the Commons?
a. "A bird in the hand is worth two in the bush.". b. "The only difference between the rich and other people is that the rich have more money.". c. "What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.". d. "Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head.".
Government policy to reduce unemployment and increase national output can be illustrated by an
A. outward shift of the aggregate demand curve caused by an increase in government spending. B. outward shift of the aggregate supply curve caused by a reduction in government spending. C. inward shift of the aggregate demand curve caused by an increase in government spending. D. inward shift of the aggregate supply curve caused by a reduction in government spending.
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. For trade to be mutually beneficial for both countries, the terms of trade will be such that 1 ton of soybeans will exchange for
A. Less than 3 computers. B. Zero computers. C. More than 3 computers but less than 5. D. More than 1/5 of a computer but less than 1/3.