Refer to Figure 2-11. What is the opportunity cost of producing 1 bolt of cotton in Indonesia?
A) 3/8 of a pound of cashews B) 5/8 of a pound of cashews
C) 2 2/3 pounds of cashews D) 120 pounds of cashews
A
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Potential output is the amount produced when: a. firms' and workers' expectations about the price level are realized
b. the actual price level is higher than the price level expected by workers. c. firms and workers have the same expectations about the price level. d. the actual price level remains constant. e. the actual price level is lower than the price level expected by firms.
Bank accounts and bonds are examples of money-fixed assets
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. Differences in human capital may explain differences in wages between blacks and whites. b. Racial discrimination is the strongest explanation for differences in wages between blacks and whites. c. Gender discrimination is the strongest explanation for differences in wages between blacks and whites. d. None of the above statements is correct.
If activists successfully lobbied government to force firms to produce more output than they normally would in a perfectly competitive market,
A) consumer surplus would decline. B) producer surplus would increase. C) taxation would solve the problem. D) total surplus in the market would decline.