Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of alfalfa in the United States is
A. the same as that in Canada.
B. half as much as that in Canada.
C. four times as much as that in Canada.
D. twice as much as that in Canada.
Answer: B
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In the figure above, how much is the consumer who buys the 5,000th pizza willing to pay for that pizza?
A) $15 B) $10 C) $12 D) $22.50 E) $5
In the above figure, a price ceiling of $4 would
A) result in a shortage in the long run. B) result in a surplus in the long run. C) have no effect. D) result in a surplus in the short run but have no effect in the long run.
Wealth and substitution effects explain why the aggregate demand curve has a positive slope
Indicate whether the statement is true or false
The opportunity cost of capital is
A) the rate of return realized on an investment. B) the rate of return that could be earned by the owner's capital were it used elsewhere. C) the rate used to calculate a firm's tax liability. D) the rate of interest the government uses to calculate legal business tax penalties.