The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. Calculate the opportunity cost of producing an umbrella in the rest of the world. Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25

In 2007, European Union (EU) negotiators have offered to cut tariffs for Latin American bananas to avoid "banana wars". What are the effects of a cut in tariffs?

A) The quantity of bananas imported into the EU will increase. B) The price of bananas for consumers will increase. C) The quantity of bananas produced in the EU (such as in France and Spain) will increase. D) Europe will start to export bananas.

A tradeoff between inflation and unemployment is shown directly by the __________ curve

A) Fisher B) Phillips C) Friedman D) aggregate demand