Economics-Others the opportunity cost of a good is O the time lost in finding it

Question

Economics-Others the opportunity cost of a good is O the time lost in finding it O the quantity of other goods sacrificed to get another unit of that good O the expenditure on the good O the loss of interest in using savings 1. 2. life expectancy does not vary with: O gender O occupation O birthrate O social status 3. if the actual unemployment rate is below the natural rate of unemployment, it would be expected that: the rate of inflation would increase O wages would fall O the phillips curve would shift to the left O the natural rate of unemployment would fall in the context of health insurance, moral hazard refers to O increased use of health care resulting from decreased effective prices. O increased use of health care resulting from sexually transmitted diseases, alcoholism, and drug abuse O increased use of health care resulting from increased risk aversion. O increased use of health care resulting from decreased elasticity of the mei schedule 4. which one of the following characteristics is widely regarded as being an important aspect of sustainable development? O inter-generational equity O increasing consumption expenditure O intra-generational inequity O increased levels of saving 5.

Explanation / Answer

1. Capital goods can be defined as tangible asset such as plant, machinery, equipments, vehicles etc which can be used for productive activity. That is for producing goods and consumers.

Answer option A. Antonio the manager of the local Taco hut, purchases a new deep fryer.

Since, deep fryer will be used to produce goods for consumers.

2. Export means any good or service which is produced domestically and sold in foreign market.

For example if any good or service produced within USA and it is sold to in other countries is an example of export.

An export good is a good produced in the USA and sold in other countries. (Option B).

3.Producti possibility frontier is a curve that represents various or all maximum possibilities for two goods, given a set input. That is it is a graphical representation of all the output that can be produced by the economy when utilizing all the resources.

PPF is the boundary between the attainable and unattainable combinations of goods and services. (Option B)

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