Use the following figure to answer the question below.
Jane's opportunity cost of producing 1 pound of corn is ________ pound(s) of green beans.
A. 4
B. 2
C. 1/2
D. 1
Answer: D
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Explain why specialization and trade increases a country's overall level of consumption
What will be an ideal response?
The greater the substitutability between Northwest timber and Southeast timber, the ________ is the cross elasticity of demand between timber from the two regions and the ________ is the elasticity of demand for Northwest timber
A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
The aggregate demand curve will shift rightward when there is:
a. a decrease in government spending. b. a decrease in incomes abroad. c. a tax increase. d. the expectation that future consumer income will rise.
Refer to the diagram, representing Slippery Slope Oil Company. A $10 increase in the user cost would shift:
A. up the extraction cost curve only, and reduce the amount of oil extracted in the present.
B. up both the extraction cost and total cost curves, and reduce the amount of oil extracted in
the present.
C. up the total cost curve only, and reduce the amount of oil extracted in the present.
D. down the total cost curve, and increase the amount of oil extracted in the future.