What is the opportunity cost of producing capital goods such as a new road?
What will be an ideal response?
The opportunity cost of producing a new road can be measured by the next best alternative that could have been produced with the same resources.
Economics
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Explain the modified version of utilitarianism proposed in the book entitled "A Theory of Justice," by the philosopher John Rawls and its relationship to the "big tradeoff."
What will be an ideal response?
Economics
Which of the following annual real GDP growth rates would be needed just to maintain output per capita in the United States?
a. 10.0 percent b. 2.5 percent c. 1.0 percent d. 7.0 percent e. 3.5 percent
Economics