Refer to the scenario above. If Mary prefers more money to less, ________
A) she will not accept any offer that Beth makes
B) she will accept any offer that Beth makes
C) she will accept the offer only if Beth offers her $2,500
D) she will accept the offer only if Beth offers her $5,000
B
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In the above figure, what is autonomous consumption?
A) $3.0 trillion B) $1.0 trillion C) $0.0 trillion D) $2.0 trillion
If Japan gives up ten bushels of rice to produce one bicycle, while the United States gives up five bushels of rice to produce one bicycle, then
a. the opportunity cost of producing bicycles in the United States is higher than in Japan b. Japan has a comparative advantage in the production of bicycles c. the United States has an absolute advantage in the production of rice d. total output will be greater if the United States specializes in rice and Japan specializes in bicycles e. total output will be greater if Japan specializes in rice and the United States specializes in bicycles