Refer to Table 2-16. What is Finland's opportunity cost of producing one board foot of lumber?
A) 0.25 cell phones B) 4 cell phones C) 12 cell phones D) 16 cell phones
A
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Refer to the graph above. Points A, B, and C represent ________, ________, and ________, respectively
A) equilibrium wage rate after migration from home to foreign has occurred; the wage rate in foreign before migration; the wage rate in home before migration B) equilibrium wage rate after migration from foreign to home has occurred; the wage rate in home before migration; the wage rate in foreign before migration C) the wage rate in home before migration; the wage rate in home after migration; the wage rate in foreign after migration D) the global wage rate before migration; the wage rate in foreign after migration; the wage rate in home after migration E) the global wage rate before migration; the wage rate in home after migration; the wage rate in foreign after migration
A spending shock typically involves a dramatic reduction in spending in virtually all sectors of the economy simultaneously
a. True b. False