Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Ralph's opportunity cost of selling a truck is selling:
A. 4 cars.
B. 1/4 of a car.
C. 3 cars.
D. 1/3 of a car.
Answer: B
You might also like to view...
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Nominal GDP is measured by calculating real GDP at constant prices
Indicate whether the statement is true or false
Local governments wanting to keep their tax base from eroding away should choose _____
a. income taxes b. sales taxes c. property taxes d. excise taxes
Related to the Economics in Practice on p. 560, In 2012, the Indian monsoons came with less rain than normal. this threatened to
A. increase the overall inflation rate in India where the population is very dependent on rice. B. increase the price of rice in the United States dramatically since Americans consume a large amount of rice. C. lower the price of rice as consumers sought out other suitable substitutes. D. cause a major recession throughout all of Asia.