Given the information in the table above, if the Home economy suffered a meltdown, and the Unit Labor Requirements doubled to 20 for cloth and 40 for widgets then home should
A) export cloth.
B) export widgets.
C) export both and import nothing.
D) export and import nothing.
E) export widgets and import cloth.
A
Economics
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Gwen's decision to buy a new television instead of a bicycle for the same price
a. means that opportunity cost is zero since both cost the same amount. b. would not have involved trade-off and opportunity cost if Gwen had decided to put the money in a bank CD instead. c. would not imply a trade-off because of scarcity if Gwen were a multimillionaire. d. means that the opportunity cost to Gwen is the bicycle that she has given up.
Economics
The price-elasticity of demand is always negative because of:
A. The law of demand B. Percent-changes being used in the formula C. The midpoint formula D. Scarcity
Economics