Refer to Table 2-9. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
B
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In what way is development economics greater in scope than traditional economics?
What will be an ideal response?
"We lose more by letting the company fail than by having the government save it." This was most likely said by an economist who believes that
A) crowding out is complete. B) bailouts are sometimes necessary. C) the tax multiplier is larger than the government spending multiplier. D) the AS curve is vertical. E) the AS curve is upward-sloping.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.
Which of the following statements is true?
A. Short-run economic fluctuations are made worse because prices are flexible B. Short-run economic fluctuations would be less severe if prices were inflexible C. If prices were fully inflexible, there would be no short-run economic fluctuations D. If prices were fully flexible, there would be no short-run economic fluctuations