The opportunity cost of producing one bushel of coffee in Brazil is
A. 1/2 bushels of a hot dog.
B. 20 bushels of hot dogs.
C. 2 bushels of hot dogs.
D. 1/2 of a bushel of coffee in Columbia.
C. 2 bushels of hot dogs.
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If the price elasticity of demand for a product equals 1, as its price rises the
A) quantity demanded increases. B) total revenue increases. C) quantity demanded does not change. D) total revenue does not change.
A person has a comparative advantage in producing a good if:
a. that person can produce the good at a lower absolute cost than anyone else. b. that person can produce the good at a lower opportunity cost than anyone else. c. that person has a perfectly elastic demand curve for her good. d. that person spends less on advertizements. e. that person can produce the good at a higher opportunity cost than anyone else.
After the formation of North American Free Trade Agreement (NAFTA), Mexico became a more attractive country for business investments of foreign firms.
Answer the following statement true (T) or false (F)
The firm's marginal costs are equal to average total cost somewhere between units:
The following data show the relationship between total costs and output in the short run.
A. 1 and 2
B. 2 and 3
C. 3 and 4
D. 4 and 5