Which of the following is an example of resources that are substitutes?
a. steel and glass used in auto manufacturing
b. glue and wood used in furniture manufacturing
c. buttons and cotton used in shirt manufacturing
d. leather and rubber used in basketball manufacturing
e. eggs and flour used in baking
D
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Which of the following best describes the Employment Act of 1946?
(a) A piece of New Deal legislation that had to be postponed until after the war (b) An effort to stabilize the U.S. balance of payments as the world moved toward using the U.S. dollar as the main reserve currency (c) An attempt to reduce the overall extent of federal responsibility in the post-war national economy (d) All of the above
You decide that it is time to buy a big family car. The opportunity cost you consider is:
a. the cost of the car. b. the increase in comfort for your family while traveling. c. the return this money would have earned if it was invested otherwise. d. the inconvenience you and your family are bearing on account of your old car.