Refer to Figure 2-2. If Vidalia chooses to produce 80 dozen roses, how many orchids can it produce to maximize production?
A) 24 dozen orchids B) 48 dozen orchids C) 60 dozen orchids D) 74 dozen orchids
B
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Suppose there are only two goods: guns and roses. In Los Angeles, the absolute price of roses is 50 dollars per dozen. If the relative price of roses in terms of guns is 1 guns per dozen roses, then the absolute price of guns is
a. 5 dollars per gun. b. 2 cents per gun. c. 50 dollars per gun. d. 50 cents per gun.
In an economy, unemployment exists only at points that are on the interior of the production possibilities frontier.
Answer the following statement true (T) or false (F)
Which economic question does the decision to give all of the butter the economy produces to the homeless answer?
a. What to produce? b. How to produce? c. For whom to produce? d. Who has a comparative advantage in butter production? e. Who has an absolute advantage in butter production?
Answer the following questions true (T) or false (F)
1. The only type of business that faces unlimited liability is a corporation. 2. In the United States, corporate profits are taxed at the corporate level but are not taxed as personal income in the form of dividend payments. 3. An asset is anything of value owned by a person or firm.