Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0Jorge's production possibilities schedule demonstrates that
A. green beans have a trade-off with corn, but corn does not have a trade-off with green beans.
B. there is no trade-off between corn and green beans.
C. both corn and green beans require a trade-off.
D. green beans do not have a trade-off with corn, but corn has a trade-off with green beans.
Answer: C
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Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleRuby's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120102408080201601204030801600400The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1, 8 B. 1, 4 C. 1/8, 1 D. 1/8, 2
The United States possesses a large amount of human capital. As a result of this fact, in the United States there is a
A) large amount of machinery and equipment. B) large number of people and a great deal of land. C) highly skilled and educated labor force. D) large number of kind and generous humans. E) large amount of machinery (capital) that is run by people (humans).
An increase in wages in the public sector is caused solely by increased labor productivity in that sector
a. True b. False Indicate whether the statement is true or false
The idea behind comparative advantage in international trade reflects the possibility that one of the trading nations: a. may be able to produce everything relatively more efficiently than the other nation. b. may be able to produce something at a lower dollar cost than the other nation
c. may be able to produce a larger variety of goods than the other nation. d. may be able to produce something at a lower opportunity cost than the other nation.