Identify the cause and the effect in the following examples:
a. Lower infant mortality and an improvement in nutrition
b. A surge in cocoa prices and a pest attack on the cocoa crop that year
a. An increase in nutrition is likely to lead to or cause lower infant mortality.
b. The pest attack is likely to have reduced the cocoa crop, leading to a rise in prices.
Economics
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In the absence of trade, a nation is in equilibrium where an indifference curve:
a. lies above its production possibilities frontier. b. is tangent to its production possibilities frontier. c. intersects its production possibilities frontier. d. lies below its production possibilities frontier
Economics
Implicit costs are usually easier to measure than explicit costs
Indicate whether the statement is true or false
Economics