In Figure 35.1, what is the opportunity cost of motorcycles in Japan?
A. 1 DVD player per motorcycle.
B. 2 DVD players per motorcycle.
C. 3 DVD players per motorcycle.
D. 1/2 of a DVD player per motorcycle.
Answer: D
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As the baby boom ended, fewer families had young children and, as a consequence, the
a. demand curve for preschool services shifted outward b. demand curve for preschool services shifted inward c. supply curve for preschool services shifted outward d. supply curve for preschool services shifted inward e. supply and demand curves for preschool services remained constant
If money was not used as a medium of exchange,
A) the transaction costs of exchange would be lower. B) our standard of living would probably improve. C) economic efficiency would increase. D) the gains from trade would be severely limited.