Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0Jane's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 4
B. 1/2
C. 1
D. 2
Answer: C
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Tractors, shovels, copy machines and computer programming expertise are all examples of scarce resources
a. True b. False Indicate whether the statement is true or false
Which of the following events led to the debate over the applicability of the classical model?
a. World War II b. World War I c. Korean War d. The Great Depression e. The Great Society
Contrary to the product market, in the currency market demand is positively sloped reflecting the greater speculative yield potential from high priced currencies
Indicate whether the statement is true or false
Suppose we insert $1 in the circular flow economy. If the $1 moves around in the same direction, which answer represents a possible sequence of items purchased or rented?
a. land, labor, capital, entrepreneurship b. land, services, labor, capital c. goods, labor, services, capital d. goods, labor, capital, services e. labor, capital, labor, rent