A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. The marginal opportunity cost of the third unit of steel is:
A. 18.3 units of wheat
B. 25 units of wheat
C. 20 units of wheat
D. 55 units of wheat
Answer: C
You might also like to view...
Price decreases always increase economic efficiency
a. True b. False Indicate whether the statement is true or false
If the Federal Reserve lowered the reserve requirements imposed on the banking industry, which of the following will most likely happen in the short run?
a. an increase in the demand for loanable funds, which will exert upward pressure on the interest rate b. an increase in the supply of loanable funds, which will exert downward pressure on the interest rate c. an increase in the unemployment rate d. a decrease in the rate of inflation
If the Apple corporation sells a bond it is
a. borrowing directly from the public. b. borrowing indirectly from the public. c. selling shares of ownership directly to the public. d. selling shares of ownership indirectly to the public.
Because pollution taxes raise production costs, the ________ curve ________.
A. supply; shifts to the right B. supply; shifts to the left C. supply; does not change D. demand; shifts to the right