Refer to Table 2-6. What is James's opportunity cost of making a wagon?
A) 3/4 of a wagon B) 1/2 of a wagon C) 2 tricycles D) 1/2 of a tricycle
C
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The figure above shows the U.S. supply of labor curve. What was the affect of the decline in birth rates during the 1960s and 1970s on the supply of labor curve in the 1980s?
A) a rightward shift of the supply of labor curve B) the supply of labor curve became steeper C) a movement downward along the supply of labor curve from a point such as A to a point such as B D) a leftward shift of the supply of labor curve E) None of the above answers is correct because there was no change in the supply of labor curve.
Net national product (NNP) is equal to
A) personal income minus taxes. B) GNP minus consumption of fixed capital. C) GDP plus consumption of fixed capital. D) national income plus consumption of fixed capital.