If not all prices adjust instantly to changing economic circumstances, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce

The following table shows the units of output a worker can produce per month in country A and country B. Country Food Electronics Country A 20 5 Country B 12 4 The opportunity cost of a unit of electronics in Country B is

A. 3 units of food. B. 2 units of food. C. 5 units of food. D. none of these.

The most likely reason politicians don't appear to economists to look at policy issues in a cost/benefit framework is that:

A. politicians are focusing on the long-run effects of policies rather than the short-run effects. B. politicians don't make rational decisions. C. politicians are not economists. D. the marginal costs and marginal benefits facing the politician are not necessarily the ones facing society.