According to the above table, which assumes that opportunity costs of producing goods X and Y are constant, Holly has comparative advantage in production of
A) Good X.
B) Good Y.
C) both goods.
D) neither good.
B
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If the value of an environmental benefit realized two years from todayis $970.20, and the annual rate of return is 5 percent, then its present discounted value is
a. $924 b. $880 c. $1,018.71 d. $1069.65
Standardized products can appear:
A. in perfectly competitive and oligopoly markets. B. in perfectly competitive and monopolistically competitive markets. C. only in perfectly competitive markets. D. in monopolistically competitive and oligopoly markets.
If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, its opportunity cost may be expressed as:
A) 1/25B = 1T. B) 1B = 1/25T. C) 1B=1T. D) 1B=25T.
Explain why inflation is a way for governments to default on a portion of the debts they owe.
What will be an ideal response?