Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A. 3 gallons of wine.
B. 0.5 gallons of wine.
C. 0.33 gallons of wine.
D. 2 gallons of wine.
Answer: D
You might also like to view...
Explain why market power leads to a deadweight loss. Is the total deadweight loss from market power in the United States large or small?
What will be an ideal response?
Reaching a Nash equilibrium means that:
A. the outcome will be positive-positive. B. a cooperative equilibrium has been reached. C. the players have reached a stable outcome where neither would wish to change his strategy once he finds out what the other player is doing. D. the players have failed to reach a stable outcome because one player will always wish to change his strategy once he finds out what the other player is doing.
As the price paid to a resource increases,
a. the supply of that resource will increase in the resource market b. the supply of that resource will decrease in the resource market c. resources will shift from other resource markets to this one d. resources will shift from this resource market to others e. resource usage will be unaffected
Which of the following conditions describes an inflationary gap?
A. The short-run equilibrium level of real GDP is below the long-run level of real GDP. B. The short-run equilibrium level of real GDP is above the long-run level of real GDP. C. The actual interest rate is below the equilibrium interest rate. D. The actual interest rate is above the equilibrium interest rate.