One point on a PPF shows production levels at 50 tons of coffee and 100 tons of bananas. Remaining on the PPF, an increase of banana production to 140 tons shows coffee production at 30 tons
Still remaining on the PPF, coffee production at 10 tons allows banana production at 160 tons. The opportunity cost of a ton of bananas is A) constant because coffee production decreased by the same amount each time.
B) decreasing, since the increase in banana production is less at each point considered.
C) 16 to 1, that is every 1 ton of coffee given up will result in 16 more tons of bananas.
D) increasing from 1/2 ton of coffee per ton of bananas to 1 ton of coffee per ton of bananas.
D
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According to economist Milton Friedman, a. the short-term validity of the Phillips curve is questionable
b. there might be a short-term trade-off between unemployment and inflation but not a permanent trade-off. c. trade-off happens between unemployment and inflation happens in the long run but not in the short run. d. the long-run trade-off between unemployment and inflation comes from unanticipated inflation.
From the highest to the lowest, the percentage of firms by business type in the United States is represented by which of the following?
A) sole proprietorships, corporations, partnerships B) sole proprietorships, partnerships, corporations C) corporations, partnerships, sole proprietorships D) corporations, sole proprietorships, partnerships