Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn02400480301802036060120402409060601201200800Giovanni's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn. Jorge's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/6, 1/2
B. 6,2
C. 1/2,1/6
D. 2,6
Answer: D
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If an industry introduces a labor-saving technology in production, the demand curve for labor in that industry is likely to:
A) shift to the left. B) shift to the right. C) become vertical. D) become horizontal.
Because of the differing account conventions, there is a great deal of arbitrariness in a number that purports to be
A. the deficit. B. the surplus. C. the debt. D. all of these answer options are correct.
Which type of financial intermediary is NOT considered a "thrift institution"?
A) commercial banks B) savings-and-loans C) mutual savings banks D) credit unions
Which of the following is an assumption used in deriving a production possibilities curve?
A. The wages in an industry increase constantly. B. Poverty always exists in society. C. The amount of resources is fixed. D. Prices will continue to increase.