Related to the Economics in Practice on p. 6: The opportunity cost to Apple of having the hard drive produced in Japan by Toshiba is
A. the wages paid to Japanese workers.
B. the value-added captured by Apple in the United States.
C. the components of the hard drive which are not produced by Toshiba.
D. having the hard drive produced by the next best available company.
Answer: D
You might also like to view...
Your purchase of a Gucci purse made in Italy would be classified as:
a. both c and d b. an investment good. c. a durable good. d. an import. e. an export.
Draw a graph with food on the horizontal axis and shelter on the vertical axis.A. Now sketch in a budget line such that the relative price of food to shelter is 2, the absolute price of shelter is 10, and the nominal income level is $100. Label the budget line A.B. Next, the nominal income stays the same, the absolute price of shelter is cut in half, and the absolute price of food is unchanged. Sketch in the new budget line and label it B.C. Next, the absolute prices are where they were when the problem started and the nominal income increases to 150. Draw a new budget line for this data and label it C.D. Next, the nominal income is again $100, the relative prices are as they were at the beginning and the absolute prices are cut in half. Draw a new budget line on the graph and label it
D.E. Next, the absolute price of shelter falls to $5 and the absolute price of food and the income stay where it was at the beginning. The relative price of food to shelter also stays at 2. Explain why this is a logical contradiction. What will be an ideal response?
Restaurants, video rental stores, clothing stores, and music stores are examples of industries in which firms differentiate their products by offering them at more locations. This is an example of a(n) ________ market.
A. perfectly competitive B. monopoly C. monopolistically competitive D. oligopoly
The profit-maximizing promoter will
A. sell less than the capacity of the facility regardless of price. B. sell a number of tickets equal to the capacity of the facility regardless of the price. C. sell that number of tickets where the marginal cost equals the marginal revenue. D. sell more than capacity regardless of price.