a. $8.
b. $6.
c. $5.
d. $3..
b. $6.
c. $5.
d. $3..
Refer to the production possibilities frontier in the figure above. Which production point is unattainable?
A) point a
B) point b
C) point c
D) point e
D
Economics
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The quantity of money is $1 billion, the price level is 1.10, and real GDP is $10 billion. What is the velocity of money?
What will be an ideal response?
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Suppose the demand for peaches sold from one roadside stand in Georgia is perfectly elastic. As a result, a 7 percent increase in the price charged by the owner of this stand leads to
A) zero peaches sold by this stand. B) no change in the quantity demanded at this stand. C) a 7 percent decrease in the quantity demanded at this stand. D) a 7 percent decrease in demand at this stand. E) a virtually infinite increase in the quantity demanded at this stand.
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Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that
A) both bear an opportunity cost since they could have done other things instead of see the movie. B) both bear the same opportunity cost since they are doing the same thing. C) the cost of going to the movie is greater for the one who had more choices to do other things. D) neither bears an opportunity cost because the tickets were free.
Economics
Refer to Figure 6-25. The equilibrium price in the market before the tax is imposed is.
Economics