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The slope of the PPF can also be expressed as:
A) the ratio of abundance of labor to capital.
ratio of the marginal products of labor to the marginal product of capital.
C) consumer utility.
D) the opportunity cost of the good measured on the vertical axis.
A restriction on the quantity of a good allowed into a country is called an:
A) import tariff.
B) import quota.
C) export quota.
D) export tariff.
Assume the MPLc = 2 cars and the MPLb = 5 boats. There are 150 workers in this hypothetical economy. If cars are measured on the vertical axis and boats are measured on the horizontal axis, the slope of the PPF for this economy is:
Which decade of the twentieth century had the highest average tariffs worldwide?
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