Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W?
A) 2 million tons of steel B) 16 million tons of paper
C) zero D) 9 million tons of paper
C
You might also like to view...
Jeannie's marginal utility from her 4th book in a month is 50. Her marginal utility from her 5th book
A) is greater than 50. B) equals 50. C) is less than 50. D) might be more than, less than, or equal to 50 but more information is needed.
If a price ceiling is imposed, then:
a. the market supply curve will shift to the right. b. the market demand will shift to the left. c. a shortage of product will result. d. the government would be required to buy-up the surplus product. e. the market equilibrium price is below the level the government wishes to achieve.
Procyclical policy:
What will be an ideal response?
Economists often refer to "good deals" as
A. efficient market outcomes. B. those with no opportunity cost. C. profit opportunities. D. break-even propositions.