Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. The opportunity cost of producing 1 computer in China is
A. 1/3 of a ton of soybeans.
B. 3 tons of soybeans.
C. 4 tons of soybeans.
D. 1/4 of a ton of soybeans.
Answer: A
You might also like to view...
Which of the following is true?
i. Marginal cost is measured by the maximum price that consumers are willing to pay for another unit of a good or service. ii. Producer surplus equals marginal benefit minus price, summed over the quantity produced. iii. A supply curve is a marginal cost curve. A) only iii B) only i C) only ii D) i and ii E) i and iii
When the U.S. price level falls, the open economy effect indicates that
A) U.S. imports will rise. B) U.S. residents will move away from domestic goods and buy more foreign goods. C) U.S. exports will increase. D) foreigners will buy fewer U.S. goods.
Which of the following best represents the effects of an increase in the price of coffee, other things being equal?
a. A leftward shift in the demand curve for coffee. b. A downward movement along the demand curve for coffee. c. A rightward shift in the demand curve for coffee. d. An upward movement along the demand curve for coffee.
If the population of the United States is 260 million, the labor force is 130 million, and 120 million workers are employed, the rate of unemployment is
A. 7.7% B. 8.3% C. 3.85% D. 53.9%