Refer to the table below. If the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5, what is Big Oaks' marginal cost of producing between points D and E on their production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $22.50
B) $4.50
C) $9
D) $10.50
C) $9
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The rate of unemployment when the economy is fully employed is called the
A. full-employment rate of unemployment. B. natural rate of unemployment. C. frictional rate of unemployment. D. structural rate of unemployment.
Property rights that are granted to the creators of original work to produce and sell that work are called
A) trademarks. B) copyrights. C) patents. D) exclusive franchises.
What is meant by imperfect information?
What will be an ideal response?
The following data about a hypothetical economy are in billions of dollars.Personal Consumption Expenditures$4,500Consumption of Fixed Capital150Gross Private Domestic Investment800Government Purchases950Exports65Imports85Refer to the above data. Personal consumption expenditures are approximately what percent of GDP in this economy?
A. 67 percent. B. 75 percent. C. 70 percent. D. 72 percent.