If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________.

If the absolute price of a computer is $500 and the relative price of a dining room table is 3 computers, it follows that the absolute price of a dining room table is

Exhibit 4-8 Refer to Exhibit 4-8.  Suppose that wheat producers  lobby the government for a price floor and receive one.  This price floor is set at PF.  How many fewer units of wheat will be sold at the price floor than at the equilibrium price?

Exhibit 3-9 Refer to Exhibit 3-9. A wave of immigrants who love to consume X enters the country. An economist would expect a movement in the market for X from

In terms of population dynamics  there are factors that increase a given population. Name one of the factors?

Exhibit 2-1 Refer to Exhibit 2-1. Scarcity exists

A person has a comparative advantage in the production of a good when they can produce the product at a(n) ________ opportunity cost compared to another person.

Exhibit 2-2 Refer to Exhibit 2-2. If PPF2 is the relevant production possibilities frontier, then point __________ illustrates productive inefficiency.

The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y.

Exhibit 2-4 Refer to Exhibit 2-4. The opportunity cost of moving from point A to point B is