Refer to the information provided in Figure 6.11 below to answer the question that follows.
Figure 6.11Refer to Figure 6.11. The opportunity cost for a day's worth of income is ________ of leisure.
A. 1 hour
B. 10 hours
C. 24 hours
D. indeterminate from this information.
Answer: C
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In international finance, what does SDR stand for?
A) Special Drawing Rights. B) Single Deposit Reserve. C) Savings Deposit Ratio. D) Single Demand Remittance.
The production possibilities frontier represents all desirable combinations of outputs
a. True b. False
Nominal gross domestic product (GDP) is measured in terms of the _____
a. current-year prices b. base-year prices c. export of goods and services d. amount of taxes collected e. hours of employment
The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
a. expansion of output in one industry means expansion cannot occur in another industry. b. expansion of output in one industry means output in another industry must contract. c. output cannot be increased in any industry. d. output of all industries must contract until more resources are found.