If a country produces good Y (measured on the vertical axis) and good X (measured on the horizontal axis), then the absolute value of the slope of its production possibility frontier is equal to
A) the opportunity cost of good X.
B) the price of good X divided by the price of good Y.
C) the price of good Y divided by the price of good X.
D) the opportunity cost of good Y.
E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.
A
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Which of the following events opened the way for rapid and steady technological changes that underpinned modern economic growth?
A) The Agricultural Revolution B) The Industrial Revolution C) The American Civil War D) Demographic transition in the Western world
The Sherman Antitrust Act was passed to
A) protect companies from foreign competition. B) protect the monopoly profits of firms. C) control the growth of monopolies in the U.S. D) prevent market price from equaling marginal cost.