Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W?
A) 2 million tons of steel B) 16 million tons of paper
C) zero D) 9 million tons of paper
C
Economics
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Macintosh and IBM computers are considered substitute goods. Other things constant, if IBM lowered its price, compared to the Mac, then
A) the demand for IBM computers would increase. B) the demand for Mac computers would increase. C) the quantity demanded for IBM computers would increase. D) all of the above would occur.
Economics
M1 is a definition of money largely confined to which function(s) of money?
A) unit of account B) store of value C) medium of exchange D) B and C.
Economics