The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
A) 1/3 of a gallon of ice cream for a gallon of milk.
B) 4 gallons of ice cream for a gallon of milk.
C) 1 gallon of ice cream for a gallon of milk.
D) 3 gallons of ice cream for a gallon of milk.
E) zero because at point A, zero milk is being produced.
A
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Private investment spending escalated during the post-World War II era (1945–50)
Indicate whether the statement is true or false
What is market supply? How is the market supply curve for a good obtained?
If the value of in-kind transfers are taken into account, the number of families living in poverty in the United States would
a. increase by about 1 percent. b. decrease by about 1 percent. c. decrease by about 5 percent. d. decrease by about 10 percent.
Real GDP per capita and other alternative measures of the quality of life are:
A. independent. B. directly correlated. C. poorly correlated. D. inversely related.