Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. The opportunity cost of one tomato in Country B is:
A. 108 bananas.
B. 18 bananas.
C. 6 bananas.
D. 3 bananas.
D. 3 bananas.
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Harry produces 2 balloon rides and 4 boat rides an hour. Harry could produce more balloon rides but to do so he must produce fewer boat rides. Harry is ________ his production possibilities frontier
A) producing inside B) producing on C) producing outside D) producing either inside or on
Refer to Figure 8.1. Holding other variables constant, an increase in the skill level of workers will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
The efficiency of steamboats was commonly measured by
(a) the carrying capacity of the steamboat fleet in terms of tonnage. (b) per unit labor costs per vessel. (c) the tonnage per vessel transported upstream. (d) the actual tonnage transported up and downstream each day.
Andre decides that he would pay as much as $3,000 for a new laptop computer. He buys the computer and realizes consumer surplus of $700 . How much did Andre pay for his computer?
a. $700 b. $2,300 c. $3,000 d. $3,700