Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?

A) 30 thousand wrenches B) 10 thousand hammers
C) 13 thousand hammers D) 0 wrenches

D

Economics

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In most developed economies, public spending on national defense

a) is the largest component of the government’s budget b) accounts for about 1/3 of GDP c) is less than spending on transfer payments d) cannot be distinguished from infrastructure expenditures in the national accounts e) is financed by a national system of subscriptions

Economics

An industry with a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is:

a. a monopoly. b. an oligopoly. c. perfect competition. d. a duopoly.

Economics