If the economy were producing at point D and moved to point C the opportunity cost in terms of lost production of outboard motors would be
A. 2 units of outboard motors.
B. 4 units of outboard motors.
C. 12 units of outboard motors.
D. 11 units of robots.
B. 4 units of outboard motors.
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The economic profit of a perfectly competitive firm
A) is less than its total revenue. B) equals its total revenue. C) is greater than its total revenue. D) is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic.
Assume the United States has only one trading partner. The U.S. demand curve for foreign currency is drawn while holding constant all of the following factors except one. Which is the exception?
a. incomes of U.S. consumers b. the exchange rate c. the expected rate of inflation in the U.S. d. the foreign prices of foreign goods e. U.S. interest rates relative to foreign interest rates
The opportunity cost of a given investment is the potential earnings forfeited by tying up money in the investment
a. True b. False Indicate whether the statement is true or false
The one category of goods that are not sold but are, nevertheless, included in GDP is
a. inventories. b. imports. c. consumer services. d. exports.