In the table above, country B is producing 4 units of X and 6 units of Y. For country B, the opportunity cost of producing an additional unit of Y is
A) 1/2 unit of X per unit of Y.
B) 2/3 unit of X per unit of Y.
C) 2 units of X per unit of Y.
D) 3 units of X per unit of Y.
B
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Suppose Sandy's Candies wants to increase its total revenues. If Sandy increases the price of her candy, she must be assuming that the demand for candy is
A) unit elastic. B) inelastic. C) elastic. D) income elastic.
Many economists refer to the Keynesian analysis as the “Keynesian revolution.” How was Keynesian analysis “revolutionary” in comparison to the classical doctrine?
What will be an ideal response?
Gains from the Single European Act were expected to be from
A) reduction of transactions costs from having a single currency. B) reduced trade barriers and customs problems. C) increased competition and economies of scale. D) harmonization of environmental and labor standards.
What are two reasons why employees would prefer for their employer to pay for their health insurance rather than receiving increased wages and paying for their own health insurance?
What will be an ideal response?