Coercion and force underlie government activity
a. True b. False
a
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Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. Mr. Crusoe, while lonesome, is efficient and always stays on his PPF. Mr
Crusoe is consuming 20 pounds of fish. Then he decides to slowly become a vegetarian and decrease his consumption of fish to 9 pounds. This decision means that Mr. Crusoe will A) incur an opportunity cost of 9 pounds of fruit. B) incur an opportunity cost of 99 pounds of fruit. C) be able to enjoy a gain of 9 pounds of fruit. D) incur an opportunity cost of 20 pounds of fish. E) incur an opportunity cost of 9 pounds of fish.
When one country can produce a given amount of a good using fewer inputs than any other country,
A. Specialization will definitely increase worldwide consumption possibilities. B. It always has a comparative advantage in producing the good. C. Specialization will definitely increase worldwide production possibilities. D. It has an absolute advantage in producing the good.
A basic conclusion of Keynesian analysis is that
A. Small macro disturbances can lead to much larger macro problems. B. The economy self-adjusts to reach full employment and a stable price level. C. Equilibrium GDP is consistent with price level stability. D. Equilibrium GDP is consistent with full employment.
How many countries are in the European Union?
A) 28 B) 6 C) 21 D) 17