Refer to Table 2-16. What is Estonia's opportunity cost of producing one cell phone?
A) 0.2 board feet of lumber B) 5 board feet of lumber
C) 8 board feet of lumber D) 32 board feet of lumber
B
You might also like to view...
Refer to Figure 7.1. In equilibrium, the real wage is ________ and the amount of labor employed is ________
A) Y; B B) X; C C) Y; C D) Z; C
Who pays the interest on government debt for the money it borrows today?
A) future generations of taxpayers B) the Congressional Budget Office C) the Federal Reserve D) The government does not pay interest on money it borrows.
What is the difference between product markets and factor markets?
What will be an ideal response?
The equilibrium wage rate in an industry is determined by
A) finding where the market supply curve indicates that the substitution effect and income effect of a wage increase are offsetting. B) the intersection of the market demand curve for labor and the market supply curve for labor. C) the strength of the substitution effect relative to the elasticity of demand for labor. D) whether workers or management are better at negotiating.