The figure above illustrates a small country's production possibilities frontier. Moving from point A to point B, the per unit opportunity cost of a tablet is ________ per tablet
A) 2 computers
B) 4/3 of a computer
C) 100 computers
D) 1/2 of a computer
E) 1 tablet
A
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In the simple linear regression model, the regression slope
A) indicates by how many percent Y increases, given a one percent increase in X. B) when multiplied with the explanatory variable will give you the predicted Y. C) indicates by how many units Y increases, given a one unit increase in X. D) represents the elasticity of Y on X.
The maximum price pipelines can charge for distributing gas:
a. is determined in a monopolistic market. b. depends on the market demand and supply. c. is set by the federal government. d. is always above the legal minimum.
Classical economists believe that a market economy will normally
A. achieve full-employment output. B. suffer from extended periods of sustained unemployment. C. degenerate into pure monopolies in most industries. D. eliminate the problem of economic scarcity.
The adjustment of ________ is the rationing mechanism in market economies.
A. demand B. supply C. price D. quantity