We will get the same GDP measure if we use market exchange rates or if we choose to use the purchasing power parity approach.  

In this example, opportunity cost of RICE will be calculated as RICE gained/ CORN foregone. And, opportunity cost of CORN will be CORN gained/ RICE foregone. 

The following indicate output per day for Thailand and Laos:   corn    rice Laos  28  40 Thailand  16  28   Based on the above, what is Laos’ opportunity cost of corn? 

Hans Rosling shows us that in more modern times, the income distribution has changed to look like:

The following indicate output per day for Thailand and Laos:   corn    rice Laos    28  40 Thailand  16  28   What is Laos’ opportunity cost of rice? 

While it is not a perfect measure, a country’s total GDP is economists’ best tool for measuring the well being of citizens in a country. 

The boys get involved in microfinance when they obtain a loan of ____. 

To address the medical problem mentioned above, the boys determine that they must: 

The WTO is located in Vienna, Austria. 

Suppose the following table shows marginal product for workers at the ABC Inc. company which produces widgets. Assume that widgets currently sell for $4 each.  worker      MP Bob  12 Ralph 11 Susan 14 From this we can see that the highest wage that a rational employer would pay to Bob is $__________: