Refer to Table 2-7. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella
C) 5 umbrellas D) 10 umbrellas
A
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The above figure shows the market for laptops. Which of the following causes a movement from A to B?
A) a decrease in the number of laptop manufactures and sellers B) an increase in the cost of hard drives C) an increase in the productivity of the workers manufacturing laptops D) a decrease in the price of laptops E) an increase in the price of laptops
The increase in real GDP per hour of labor that results from an increase in capital per hour of labor ______.
A. is constant and independent of the quantity of capital B. is larger at a small quantity of capital than at a large quantity of capital C. is smaller at a small quantity of capital than at a large quantity of capital D. decreases as technology advances