Opportunity cost is always measured in dollar terms, rather than in terms of real goods and services
a. True
b. False
B
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Economic growth can be represented by
A) a movement down the production possibilities frontier (PPF). B) a movement up the production possibilities frontier (PPF). C) an inward shift of the production possibilities frontier (PPF). D) an outward shift of the production possibilities frontier (PPF).
If the price of pineapple juice was $4.50 a gallon and it is now $5.75 a gallon, what is the percentage change in price?
A) 7.8 percent B) 12.5 percent C) 27.7 percent D) 57.5 percent
Orange juice and cranberry juice are substitute goods. An increase in the price of orange juice results in a(n)
a. increase in the demand for orange juice b. increase in the supply of cranberry juice c. increase in the quantity demanded of orange juice d. increase in the demand for cranberry juice e. decrease in the quantity demanded of cranberry juice
Which of the following is not a characteristic of market structure?
a. The number of sellers in the industry. b. The ease with which firms may enter or exit the industry. c. The existence of differences among sellers' products. d. The presence or absence of government taxation in the market.