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1- Consider the production possibilities curve (ppc) for a country producing only chesse and wine. The first few resources transferred from cheese to wine productions are: A- those that are most specialized in cheese production B- those that are most specialized in wine production C- those that are least specialized in cheese production D- those that are neither specialized in cheese nor wine production E- those that are highly specialized in both cheese and wine production.
2- Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. what is the oportunity cost of repairing one car to bill. A- 10 toys B- 8 toys C- 16 toys D- 12 toys E- 4 toys
3- The income elasticity of demand------- A- must be negative because of the law of diminishing marginal utility B- could be positive or negative or zero, depending on the nature of the good. C- must be positive because consumers tend to buy more at higher incomes D- is usually zero because "you can only have so much" E- can never be zero
What is the market supply curve?
What literature you are reviewing and how it contributes to your research question. You might want to consider areas such as additional readings on theory, policy relevance, debates and existing findings.
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