Refer to the information provided in Table 33.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
 Table 33.5Refer to Table 33.5. In India, the opportunity cost of

A. a lb. of tea is 1/6 of a bushel of cashews.
B. a lb. of tea is 1/5 of a bushel of cashews.
C. a bushel of cashews is 6 lbs. of tea.
D. a bushel of cashews is 5 lbs. of tea.


Answer: D

Economics

You might also like to view...

Behavioral economics under uncertainty documents that

A) people's behavior often differs from what standard expected utility theory predicts. B) people's behavior can change with their circumstances. C) people might put considerable weight on certain outcomes. D) All of the above.

Economics

Assume that the MPC is .75, and investment spending rises by $25 billion. How much will real GDP change?

a. $25 billion b. $75 billion c. $100 billion d. $175 billion

Economics

Since 1870 Canadian and U.S real GDP per person grew from below to above that in the United Kingdom. The explanation for this is likely that productivity grew faster in Canada and the U.S. than in the United Kingdom

a. True b. False Indicate whether the statement is true or false

Economics

You have found data that indicates that the income elasticity of demand for generic (unbranded) shampoo is -0.7. You should conclude that generic shampoo:

A. is below its equilibrium price. B. is a normal good. C. is an inferior good. D. has inelastic demand.

Economics