In a Mexican factory, each worker can produce 1/8 of a vase or 1/16 of a statue per hour. If there are 400 workers at the factory, the opportunity cost of one statue is
a. 1/2 of a vase
b. 1/8 of a vase
c. 8 vases
d. 16 vases
e. 2 vases
E
You might also like to view...
Fixed-money assets, like stocks and bonds, are included in which of the following components of GDP?
A. Government spending B. Venture capital C. Consumer spending D. They are not included in GDP measurement.
Periods of unusually low production in an economy result in ________ unemployment.
A. frictional B. structural C. cyclical D. environmental
Generally speaking, income inequality is
A) higher in Europe than in the United States. B) higher in the United States than in most of the developing world. C) extremely high and does not vary much between nations in the developing world. D) higher in the developing world than in the developed world.
A bank has a 5 percent reserve requirement, $5,000 in deposits, and has loaned out all it can given the reserve requirement
a. It has $25 in reserves and $4,975 in loans. b. It has $250 in reserves and $4,750 in loans. c. It has $1,000 in reserves and $4,000 in loans. d. None of the above is correct.