The fundamental economic problem faced by individuals is
A) scarcity.
B) comparative advantage.
C) fair allocations of goods and services.
D) randomness in the distribution of income.
A
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Refer to the information above. What is the equilibrium level of GDP?
A) 300 B) 400 C) 450 D) 525
If a farmer charges $10 for a bushel of corn and her total revenue is $50, how many bushels did she sell?
a. 5 b. 40 c. 60 d. 500
Which of the following goods are likely to be considered substitutes?
A. Gasoline and diesel fuel B. Peanut butter and jelly C. Hot dogs and hot dog buns D. Coke and Pepsi
Refer to the above figure. Mario is self-sufficient and so is Mia. Each produces 6 dishes of pasta and 4 pizzas. Mario and Mia decide to specialize and trade
After they have specialized and traded, compared to the initial situation, Mia's opportunity cost of pasta has ________ and Mario's opportunity cost of a pizza has ________. A) decreased, decreased B) decreased, increased C) increased, increased D) increased, decreased