The above table shows production combinations on a country's production possibilities frontier. The opportunity cost of increasing the production of Y from 16 to 28 units is ________ units of good X per unit of good Y
A) 12
B) 6
C) 3
D) There is no opportunity cost when moving from one point to another along a production possibilities frontier so none of the above answers is correct.
C
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Doctors and lawyers in every state need a license to practice. This is an example of
A) ownership of a key input. B) consumer protection laws. C) consumer advocacy. D) occupational licensing.
Over the past half-century, government transfer payments have increased. As a result ________
A) interest payments on government debt have declined B) government expenditures have become a larger portion of GDP C) the volatility of investment expenditures has declined D) net exports have been positive in most years E) none of the above
In which industry structure is advertising and sales promotion likely to be most important?
A) perfect competition B) monopoly C) monopolistic competition D) All of the above are equally reliant on effective advertising and promotion.
MRP represents what the marginal physical product is worth
a. True b. False Indicate whether the statement is true or false