Refer to Table 2-12. What is Guatemala's opportunity cost of producing one canoe?
A) 1/6 of a sailboat B) 2/3 of a sailboat C) 6 sailboats D) 7.5 sailboats
A
Economics
You might also like to view...
The transactions approach to measuring money stresses the role of money as a
A) store of value. B) unit of accounting. C) medium of exchange. D) standard of deferred payment.
Economics
Assuming all excess reserves are loaned out, if the reserve ratio is 1 percent, the money multiplier will be equal to
A) 1. B) 10. C) 11. D) 100.
Economics
What do economists call the factor payments that go to capital?
a. wages b. rent c. interest d. deposits
Economics
Accounting profit can be calculated as
A) total revenue - explicit costs. B) total revenue - implicit costs. C) total revenue - explicit costs - implicit costs. D) total revenue - fixed costs.
Economics