Refer to the above figure. Between points f and g, the opportunity cost of producing 75 more bushels of wheat is
A) 1 bushel of beans.
B) 4 bushels of beans.
C) 25 bushels of beans.
D) 100 bushels of beans.
D
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Explain why distributing $500 worth of food stamps to someone is not the same thing economically speaking as giving them $500 in cash? Why might the cash option make the poor better off than food stamps?
What will be an ideal response?
In the textbook, there was a discussion of the average numbers of hours worked in the U.S. being around 34 hours per week. As you enter the work force, do you expect this number to increase or decrease?
What will be an ideal response?
Which of the following is NOT an example of a common property resource?
A) Water in underground aquifers B) Public highways in large cities C) Fish stocks in open waters D) Outdoor concerts
Which of the following is an economic cost of unemployment?
a. The extra leisure time available b. The increase in short-run output that results in higher unemployment c. The psychological cost of not having a job d. The cost of having to count the unemployed e. The opportunity cost of lost output