The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.Silvia's opportunity cost of producing one pound of beef is ________ computer(s).

A. 25
B. 50
C. 1/50
D. 1/25


Answer: D

Economics

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The standard cut-off for cost per QALY is

a. equal to per capita income b. 2 times per capita income c. 3 times per capita income d. 4 times per capita income e. 5 times per capita income

Economics

Consider the production possibilities frontier displayed in the figure shown. A society faced with this curve currently:


A. cannot obtain point B.
B. can only obtain point C.
C. can only obtain point D or point A.
D. cannot obtain point C.

Economics

The model that shows the goods and services the economy is capable of producing is the model of:

A) utility. B) the fallacy of composition. C) production possibilities. D) scarcity.

Economics

Explain how GDP would return to equilibrium if it was above or below equilibrium GDP.

What will be an ideal response?

Economics