In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is
a. $240
b. 240 cookies
c. 48 sweaters
d. 1/48 of a cookie
e. 48 cookies
E
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Many financial analysts use GDP as a measure of the economy's performance. However, GDP has several shortcomings in terms of measuring economic well-being
State at least three such shortcomings and explain how each affects the validity of GDP as a measure of economic well-being.
A property tax is equivalent to a tax on income
a. True b. False
A decrease in the price of a currency in terms of another under a flexible exchange rate regime is called:
a. capital flight. b. depreciation. c. revaluation. d. devaluation. e. currency adjustment.
In which market structure do firms consider the actions of their rivals when setting prices and output?
a. monopoly b. oligopoly c. perfect competition d. both monopoly and perfect competition e. monopolistic competition