In the above figure, moving from producing 50 guitars and 50 ukuleles to producing 25 guitars and 75 ukuleles, the opportunity cost of one ukulele is
A) 25 guitars.
B) 75 ukuleles.
C) 25 ukuleles.
D) 1 guitar.
D
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Refer to the scenario above. Which country has the lowest income per capita?
A) Ritzland B) Techland C) Eduland D) Neoland
The marginal product of labor curve is the demand curve for labor
Indicate whether the statement is true or false
The emergence of the subprime mortgage market following the recession of 2001 set off a boom in the housing industry
a. True b. False Indicate whether the statement is true or false
Which of the following best explains the effect of specialization on production as shown in Exhibit 5?
a. Specialization provides more goods overall to be divided between Techland and Grainsville.
b. By specializing in computers, the people of Techland no longer have grain to consume.
c. Grainsville is an agrarian society and as such does not have a need for computers.
d. Computers are more expensive than grain, so the people of Techland benefit most.