Refer to Table 2-19. What is Betty's opportunity cost of making a bench?

A) 2 statues B) 1/2 of a statue C) 2.8 statues D) 1.75 benches


A

Economics

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When the economy is operating at an output beyond its full-employment potential, the

a. actual level of unemployment will exceed the natural rate of unemployment. b. actual level of unemployment will equal the natural rate of unemployment. c. strong demand for resources will place upward pressure on resource prices. d. aggregate demand will increase until full employment is restored.

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Consumer sovereignty

A. is dependent on profits. B. is the idea that consumers determine what is produced in the economy through their demands. C. is the idea that consumers can buy whatever they want to. D. is only possible in a monarchy.

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Assume there are two people in a society. Person A is willing to pay $70 to have one unit of a public good produced and Person B is willing to pay $80 to have one unit of a public good produced and $70 to have two units produced. As a result, for ________ unit(s) of this public good, society would be willing to pay a price of ________.

A. 3; $100 B. 1; $100 C. 1; $150 D. 5; $80

Economics