In the table above, Jill's opportunity cost for 1 pound of food is ________ and her opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food
B) 1/2 of a pound of clothing; 2 pounds of food
C) 1/3 of a pound of clothing; 3 pounds of food
D) 2 pounds of clothing; 2 pounds of food
E) 1 pound of food; 1 pound of clothing
C
You might also like to view...
Suppose that the inflation rate for a given year was 3%. In that year,
a. all prices rose by 3% b. prices on average rose by 3% c. the economy was in an expansion d. the economy was in a recession e. the inflation rate was rising
A country will grow faster if
What will be an ideal response?
Dimitry’s country has a population growth rate of 1 percent and an output growth rate of 2 percent. What would happen to the per capita output if the population were to begin increasing at a rate of 3 percent, while output growth stayed at 2 percent?
a. It would be unaffected. b. It would rise. c. It would fall d. It would fall, then rise.
The precipitous fall in stock prices between March 2000 and December 2002
A. undercut political support for partial privatization of Social Security. B. caused the government to increase Social Security payments. C. emboldened those in favor of partial privatization of Social Security. D. greatly affected the payouts associated with Social Security.