Refer to Figure 2-14. What is the opportunity cost of producing 1 popsicle in Iceland?
A) 1 1/2 snow cones B) 3/4 of a snow cone C) 2/3 of a snow cone D) 270 snow cones
A
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Negative inflation rates benefit lenders because
A. the real interest rate is negative. B. the nominal interest rate is negative. C. the nominal interest rate is positive. D. the real interest rate is positive.
The supply curve for a competitive firm is
A) its entire MC curve. B) the upward-sloping portion of its MC curve. C) its MC curve above the minimum point of the AVC curve. D) its MC curve above the minimum point of the ATC curve. E) its MR curve.
Economists are strongly united in their belief that the stock market is
A. risk neutral. B. an unfair gamble. C. efficient. D. inefficient.
The Bretton Woods system worked fairly well for a number of years, but it finally broke down over
A. lack of agreement on how to settle the problems of the surplus nations. B. its inability to devalue the U.S. dollar. C. the huge debts of the IMF to less-developed countries. D. the controversies generated by surplus nations wanting to devalue their currencies.