which shows the production possibilities frontier for mufflers and socks. The opportunity cost of moving from point b to d is _____
a. equal to 30 mufflers.
b. equal to 50 mufflers.
c. equal to 100 socks.
d. equal to 150 socks.
e. equal to 250 socks.
c. equal to 100 socks.
You might also like to view...
The only way the standard of living of the average person in a country can increase is if ________ increases faster than ________
A) population; production B) population; income C) population; GDP per capita D) production; population
During the colonial period, commodities that could only be exported legally to Britain were known as _______
a. Foxwell goods. b. tariff goods. c. scot-free goods. d. enumerated goods.
Since the mid-1980s, the primary indicator of monetary policy has been
a. movement of short-term interest rates. b. the growth rate of real government expenditures. c. the growth of the M1 money supply. d. changes in the nominal (dollar) size of budget deficits or surpluses.
Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:
A. $75. B. $0. C. $250. D. $175.