The accompanying figure shows the production possibilities curve for the island of Genovia: The opportunity cost of producing one ton of agricultural products in Genovia is:

A. 1/50 of a car.
B. 1/5 of a car.
C. 1 car.
D. 1,000 cars.


Answer: A

Economics

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A) Figure A B) Figure B C) Figure C D) Figure D

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Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 60 people employed; 20 people not in the labor force. What's the unemployment rate?

A) 20 percent B) 25 percent C) 33 percent D) 40 percent E) 60 percent

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If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is

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Refer to above figure. If OmL1 workers are employed in manufacturing then what is the marginal productivity of labor in manufacturing?

What will be an ideal response?

Economics