Refer to Table 2-20. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches
C) 5 wristwatches D) 0.05 units of a wristwatch
D
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Economic analysis is useful is resolving all of the following types of issues EXCEPT:
A. positive B. monetary policy C. normative D. fiscal policy
Use the following diagrams for the U.S. economy to answer the next question.
Which of the diagrams best portrays stagflation?
A. Graph A B. Graph B C. Graph C D. Graph D
Some property tax limitations, such as California's Proposition 13, only do significant reassessment of property taxes when houses are sold. This creates _____
a. an incentive to rent b. inequity between homeowners of comparable houses c. a disincentive to move d. b and c e. all of the above
Total revenue is
A) price × quantity. B) change in price × change in quantity. C) change in price × quantity. D) price × change in quantity.