During the antebellum period, the "Old Northwest" became the leading producer of
a. corn.
b. wheat.
c. hogs.
d. All of the above.
d. All of the above.
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The figure above illustrates a small country's production possibilities frontier. Moving from point A to point B, the per unit opportunity cost of a tablet is ________ per tablet
A) 2 computers B) 4/3 of a computer C) 100 computers D) 1/2 of a computer E) 1 tablet
Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
A risk-averse individual has
A) an increasing marginal utility of income. B) an increasing marginal utility of risk. C) a diminishing marginal utility of income. D) a diminishing marginal utility of risk. E) a constant marginal utility of income, but a diminishing marginal utility of risk.
Suppose that inventories were $40 billion in 2007 and $50 billion in 2008. In 2008, accountants would:
a) add $10 billion to other elements of investment in calculating total investment. b) subtract $10 billion from other elements of investments in calculating total investment. c) add $45 billion (= $90/2) to other elements of investment in calculating total investment. d) subtract $45 billion (= $90/2) from other elements of investment in calculating total investment.