Assume that Country X produces two goods-sugar and shoes-and that the country's production possibility curve is "bowed-out." As the country produces more sugar the opportunity cost of sugar in terms of shoes foregone will
A. remain unchanged.
B. initially increase and then decrease.
C. increase.
D. decrease.
Answer: C
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Use the following table to answer the question below.(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Suppose that market demand is represented by two demanders in columns (1) and (2) and market supply is represented by two suppliers in columns (4) and (5). If the price were artificially set at $6
A. demand would change from (2) to (1). B. a surplus of 50 units would occur. C. the market would clear. D. a shortage of 110 units would occur.
What are the main reasons for deviations from PPP? Give, at least, 5 reasons with a short explanation
What will be an ideal response?
Labor productivity refers to the quantity of goods and services that can be produced
A) by the entire labor force. B) by one worker or one hour of work. C) in the entire economy in one year. D) by all employed workers.
An implicit cost: a. is an opportunity cost
b. is an out-of-pocket expense. c. does not require an outlay of money. d. is characterized by both (a) and (c)