Jane produces only corn, measured in tons, and cloth, measured in bolts. For her, the opportunity cost of one more ton of corn is
A) the same as the opportunity cost of one more bolt of cloth.
B) the inverse of the opportunity cost of one more bolt of cloth.
C) the ratio of all the bolts of cloth she produces to all the tons of corn she produces.
D) the ratio of all the tons of corn she produces to all the bolts of cloth she produces.
B
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The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the ________ worker because ________
A) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker B) 5th; output is maximized C) 5th; output declines with the 6th worker D) 3rd; the average product of labor is also increasing E) 4th; the average product of labor is also increasing
An example of a "contractual saving" financial intermediary is
A) a commercial bank. B) an insurance company. C) a money market mutual fund. D) a credit union.
Which of the following is not a limitation to monetary policy? a. The fact that fiscal policy is sometimes at odds with monetary
b. The world has become global in all markets including financial markets, and the Fed does not have control over international banks or non-member banks. c. Because the Federal Reserve System is made up of twelve branches, it is essentially very difficult to get a decision enacted by the Board of Governors. d. Monetary policy has to be carried out through the commercial banking system.
A marketing survey shows that gate receipts would increase if the price of tickets to a summer rock concert increased, even though the number of tickets sold would fall. What does this imply about the price elasticity of demand for concert tickets?
What will be an ideal response?