Refer to Figure 2-9. The opportunity cost of obtaining 10 additional toasters by moving from point B to point A is
a. 10 toothbrushes.
b. 20 toothbrushes.
c. 30 toothbrushes.
d. zero, since the economy has the additional resources to produce 10 additional toasters.
d. zero, since the economy has the additional resources to produce 10 additional toasters.
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Twenty-nine countries in Europe have formed the European Union (EU). After the EU was formed it
A) eliminated all tariffs among its member countries. B) completed a trade treaty (NAFTA) that reduced tariff rates between the EU and North American countries. C) barred imports of 747 jumbo jets by its member countries; all EU countries must now buy jets from Airbus, a European company. D) greatly decreased imports and exports among its member countries.
Answer the following statement true (T) or false (F)
1) Milk prices tend to be stickier than gasoline prices. 2) Prices tend to be stickier in the shorter run than in the longer run. 3) Prices tend to be sticky partially because sellers know that consumers prefer stable prices. 4) Prices tend to be more flexible when there are only two or three rival firms rather than a large number of sellers in the market.