Refer to the information provided in Table 33.4 below to answer the question(s) that follow.
Table 33.4GermanyChileBeerWineBeerWine(cases)(cases)(cases)(cases)75030 060152412453018 24304512 361560 6 48075 0 60 Refer to Table 33.4. The opportunity cost of producing a case of beer in Germany is
A. four times as much as that in Chile.
B. half as much as that in Chile.
C. twice as much as that in Chile.
D. the same as that in Chile.
Answer: B
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Suppose that the marginal social benefit from another unit of a public good is less than the marginal social cost of producing it. Then
A) the principle of minimum differentiation means that production should be decreased. B) the number of free riders is at its efficient amount. C) less of the product should be produced because its provision exceeds the efficient level. D) more of the product should be produced because its provision is less than the efficient level.
What is the difference between total cost and variable cost in the long run?
What will be an ideal response?
What is a shortcoming of GDP?
Some of our farm fields are being left unused. Does this have any implications for the economy's PPF diagram (with agricultural products on one axis and all other products on the other axis)?
A) No implications, because the PPF deals only with resources in use. B) The PPF cannot be drawn if some resources are idle. C) With unemployed resources, we are at a point below the PPF. D) The PPF would be upward sloping.