Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the United States is
A. half a bushel of alfalfa.
B. 1 bushel of alfalfa.
C. 2 bushels of alfalfa.
D. 300 bushels of alfalfa.
Answer: C
You might also like to view...
Exchange rates affect:
I. international trade flows. II. international investment flows. III. corporate earnings. a. I b. II and III c. I and II d. I, II, and III
Which one of the following is not an excise tax of the federal government?
A. Gasoline tax B. General sales tax C. Tobacco tax D. Alcoholic beverage tax
Explain how government intervention can improve economic efficiency in public good market
Please provide the best answer for the statement.
Suppose that opportunity costs are constant and that Fred can either bake a maximum of six pies or three cakes in a day. Ethel can either produce a maximum of eight pies or two cakes in a day. Fred's opportunity cost to produce one cake is
A) one-half pie. B) two pies. C) six pies. D) four pies.