If the opportunity cost of producing cheese is higher in Greece than it is in Italy, then:
a. Greece should specialize in producing cheese.
b. Italy should specialize in producing cheese.
c. both Greece and Italy should produce cheese.
d. Greece gives up fewer goods to produce cheese than Italy does.
e. Italy has a better economy than Greece.
b
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The figure above shows the production possibilities frontier for a country. A combination of 3 million gallons of milk and 3 million gallons of ice cream is
A) unattainable and production efficient. B) unattainable. C) attainable and production inefficient. D) attainable and production efficient. E) More information is needed to determine if the point is attainable or not.
The increase in income generated by the additional government expenditure decreases the demand for money
Indicate whether the statement is true or false