The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. A change from possibility C to B means that:
A. 1 unit of steel is given up to get 15 more units of wheat.
B. 1 unit of steel is given up to get 75 units of wheat.
C. 2 units of steel are given up to get 75 units of wheat.
D. 2 units of steel are given up to get 15 more units of wheat.
Answer: A
You might also like to view...
If the interest rate is 5 percent, what is the present value of $100 that will be received 3 years from now?
A) $90.70 B) $86.38 C) $115.00 D) $13.62
History has shown that over the long run, labor-saving technology has actually not reduced employment
a. True b. False Indicate whether the statement is true or false
Do firms really seek to maximize profits?
An increase in total revenue results from which of the following?
A. Price decreases when demand is inelastic. B. Price increases when demand is elastic. C. Price decreases when demand is elastic. D. Price increases when demand is unitary elastic.