Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing oranges?

During the mid 1980s the price of gasoline fell. Americans purchased not only more gasoline but other goods as well. Use consumer theory to explain why this happened

What will be an ideal response?

Which of the following components of GDP accounts for the bulk of national expenditures in the United States?

a. Government purchases b. Imports c. Consumption d. Investment e. Exports