If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. What is Leo's opportunity cost of making a pound of fudge?
A. 5 pounds of toffee
B. 4 pounds of toffee
C. 1.25 pounds of toffee
D. 0.8 of a pound of toffee
Answer: C
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Which of the following would cause a decrease in the demand for U.S. dollars?
A. An economic boom in the United States B. An economic boom in Europe C. Increased vacations in the United States by Europeans D. A recession in Europe
Another name for a shortage is
A) excess quantity supplied. B) excess quantity demanded. C) equilibrium. D) market clearing.
In a partnership, debts accumulated by one partner are
A) the responsibility of that partner only. B) the responsibility of that partner plus any partners who are actively involved in running the partnership. C) the responsibility of all of the other partners for the full amount of the debt. D) the responsibility of all of the other partners, up to the total value of the firm.
Over the past decade, total and per capita trash generated in the United States have:
A. both increased at about the same rate. B. increased and leveled off, respectively. C. both fallen. D. leveled off and fallen, respectively.