Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of one pair of shoes for the United States is _______, while the opportunity cost of one pair of shoes for Canada is _________.
A. 5 apples; 2 apples
B. 1/5 apple; ½ apple
C. 2,000 apples; 200 apples
D. 100 apples; 20 apples
A. 5 apples; 2 apples
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The sum of past federal budget deficits is the:
a. GDP debt. b. trade debt plus GDP. c. national debt. d. Congressional debt.
A decrease in the supply of dollars to holders of Mexican pesos would cause the:
a. equilibrium quantity of dollars to decrease. b. equilibrium quantity of dollars to increase. c. equilibrium quantity to remain unchanged. d. all of these.
In her book on the American work week, economist Juliet Schorr argues that Americans work too much. Her argument may be interpreted as concluding that this behavior
a. increases GDP but decreases well being. b. increases GDP and increases well-being. c. decreases GDP and decreases well being. d. decreases GDP but increases well being.
Advances in information and communication technology are the principal factors cited for the:
A. speedup in productivity growth between 1973 and 1995. B. speedup in productivity growth from 1995-2000. C. slowdown in productivity growth from 1995-2000. D. slowdown in productivity growth between 1973 and 1995.