Refer to the tables. Suppose that the amount and quality of resources are the same in both countries. We can conclude that:
A. Duckistan is technologically better than Herbania at producing military goods.
B. Herbania is technologically better than Herbania at producing both military goods and
civilian goods.
C. the total opportunity cost of producing 4 units of military goods is the same in both
countries.
D. Herbania is technologically superior to Duckistan in producing civilian goods.
D. Herbania is technologically superior to Duckistan in producing civilian goods.
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The desire to smooth consumption is reflected in
A) the consumer's budget constraint. B) the curvature in a consumer's indifference curves. C) choice between present and future. D) the production possibilities frontier.
Marginal profit is the profit
A. earned by a firm that is about to go out of business. B. calculated directly from the total cost curve. C. that is added by a one-unit increase in total output. D. earned for each dollar of cost increase.
In general, a plaintiff and defendant should be expected to settle if the expected ________ from the litigation is ________ the expected ________.
A) gain; greater than; loss B) loss; greater than; gain C) loss; less than; gain D) loss; exactly one half of; gain
When new firms have an incentive to enter a competitive price-taker market, their entry will
a. increase the price of the product. b. drive down profits of existing firms in the market. c. shift the market supply curve to the left. d. increase demand for the product.