Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?
A) 5/6 of a gallon of honey B) 1.5 gallons of honey
C) 1.2 gallons of honey D) 1/2 of a gallon of honey
C
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What does the slope of a straight line equal? How is the slope of a curved line calculated at a point on the curve?
What will be an ideal response?
The balance of trade includes trade in
A) goods only. B) both goods and services. C) services only. D) neither goods nor services.
A shift of the demand curve to the left represents
A) an increase in demand. B) a decrease in demand. C) an increase in quantity demanded. D) a decrease in quantity demanded.
Which of the following best defines consumer surplus?
a. the amount that individuals actually paid, minus the amount that they would have been willing to pay b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another