Suppose that an economy produces rice, wheat, and cotton. The opportunity cost of rice is constant and equal to 2 in terms of wheat and 4 in terms of cotton. Then the production possibility frontier is:
Imagine you are in a hypothetical world where you are asked to design your model society. There will be two groups or classes of equal size, one called "richer" and the other "poorer." You will get to live in the society you design after you have answered the question "how rich should the richer cla
Fertilopia's land can produce 9 tons of wheat or 6 tons of cotton per hectare. Povertopia's land can only produce 3 tons of wheat or 3 tons of cotton per hectare. Should they consider cooperation and specialization?
Monopoly is a well-known board game. At the beginning, all players have equal amounts of money. As they play, they earn, lose and exchange money and property. After an hour, the Gini coefficient of players' possessions:
