Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. The opportunity cost of producing a bushel of soybeans in the Canada is
A. the same as that in the United States.
B. twice as much as that in the United States.
C. 1/2 as much as that in the United States.
D. 2/3 as much as that in the United States.
Answer: C
You might also like to view...
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Economists define "rational" tastes as those which are objective and transitive. ?
Answer the following statement true (T) or false (F)
One way to allocate the scarce good created from an effective price ceiling is to:
`A. offer it on a first-come, first-served basis. B. ration a certain quantity per household. C. give them to the friends and family of the producers. D. All of these are examples of allocating using non-price methods.
If technology dictates that labor and capital must be used in fixed proportions, an increase in the price of capital will cause a firm to use:
A. more labor as a consequence of the substitution effect. B. more labor as a consequence of the output effect. C. less labor as a consequence of the substitution effect. D. less labor as a consequence of the output effect.