Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 26 thousand forks B) 0 spoons
C) 16 thousand spoons D) 20 thousand forks
C
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When the exchange rate for the Mexican peso changes from 10 pesos to the U.S dollar to 9 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________
A) appreciated; appreciated B) depreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated
The amount of a good that must be given up to produce another good is the concept of:
a. scarcity. b. specialization. c. trade. d. efficiency. e. opportunity cost.
If you gave your friend a gift of a corporate bond, such as a $100 General Motors bond, your friend would have a gift of
a. M1 money b. M2 and fiat money c. specie d. near money e. not money
Jerry sells cherry sno-cones along the boardwalk in New Jersey. During the summer this is a perfectly competitive business, and Jerry faces a perfectly elastic demand curve. If he wants to try to increase revenues he should
A. keep the price the same but produce more to increase sales. B. raise the price of his sno-cones to make more per sale. C. lower the price of his sno-cones to try to sell more. D. do nothing; there is nothing he can do to increase revenue.