Refer to the scenario above. The opportunity cost of producing good Y equals:
A) gain in Good Y / gain in Good X.
B) loss in Good X / gain in Good Y.
C) loss in Good X / loss in Good Y.
D) gain in Good X / gain in Good Y.
B
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Which of the following statements pertains to the four-firm concentration ratio? I. It is the percentage of the value of sales accounted for by the four largest firms in an industry. II
A high concentration ratio is indicative of a high degree of competition. III. The ratio is used to measure product differentiation. A) I only B) I, II only C) I, III only D) I, II, and III
Production indifference curves bow inward toward the graph’s origin because of
A. the law of diminishing returns to a single input. B. the law of diminishing marginal returns to scale. C. constant returns to scale. D. minimizing costs in the short run.
A person who performs supervisory activities will also be a _____ if she/he is financially responsible for investment and other contracted decisions
a. residual claimant b. director c. shareholder d. financial advisor
At the beginning of 2006 the CPI was 216.2. At the beginning of 2007, it was 225.1. What was the rate of inflation in 2006?
A. 4.1 percent. B. 8.9 percent. C. 3.6 percent. D. 4.9 percent.