Refer to Table 2-12. What is Guatemala's opportunity cost of producing one sailboat?
A) 1/6 of a canoe B) 2/3 of a canoe C) 3 canoes D) 6 canoes
D
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If one really believes that price spikes known as "price gouging" are due to a surge in greed among suppliers, then
A) they haven't quite mastered the economic way of thinking. B) their comfort in knowing that thousands if not millions of others agree with them is not sufficient economic evidence to conclude that their claim is correct. C) their claim implies that significant price decreases are due to a sudden reduction in greed among suppliers. D) all of the above are true.
If the slope of the relationship between savings and interest rates is 0.5, then
A) savings and interest rates have a positive relationship B) savings and interest rates have a negative relationship C) savings and interest rates have no relationship D) savings and interest rates have an inverse relationship