Figure 3-1
According to Figure 3-1, the opportunity cost of one more bushel of wheat is
A. higher at B than at D.
B. lower at B than at D.
C. equal at B and D.
D. impossible to determine from the information given.
Answer: B
You might also like to view...
Assume an attorney who has worked with a large law firm decides to leave to establish his own practice
Even though he is not leaving the company with any physical assets what might be his most important asset? What factors might impede his ability to use this asset and why?
Terms of trade indicate the purchasing power of a nation's exports
Indicate whether the statement is true or false
Two car dealers have lots across the street from each other. Frank decides that he is going to raise his prices. Sandra decides to drop her prices. Which of the following scenarios is one in which Frank could make money?
a. Customers assume that higher prices mean more inventory. b. Sandra’s prices are lower than Frank’s. c. Another dealer has lower prices than both Sandra and Frank. d. Customers assume that higher-priced cars must be of higher quality.
A long-run expansion in capacity
A. Moves the economy to a point closer to its existing production possibilities curve. B. Shifts the production possibilities curve rightward. C. Moves the economy upward to the left along its existing production possibilities curve. D. Shifts the production possibilities curve leftward.