The figure above shows the production possibilities frontiers for the United Kingdom and France. What is the opportunity cost of one bushel of wheat in France?
A) 1/4 of a pound of fish
B) 4 pounds of fish
C) 1 pound of fish
D) 100 pounds of fish
E) 2 pounds of fish
A
You might also like to view...
As the nominal interest rate increases, the opportunity cost of holding money ________ and the quantity of money demanded ________
A) decreases; decreases B) increases; increases C) decreases; increases D) increases; decreases E) increases; does not change because people need money
Government revenue from printing money is referred to as:
A) menu costs. B) seigniorage. C) shoeleather costs. D) excise tax
Whenever marginal revenue exceeds marginal cost,
a. profit declines if output increases. b. profit increases if output increases. c. losses increase if output increases. d. marginal revenue must be rising.
If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately ________.
A. $3,925 billion B. $3,846 billion C. $4,108 billion D. $4,379 billion