Figure 18.3Refer to Figure 18.3. The opportunity cost of producing pogo sticks in Livonia is:
A. 2/3 of a scooter.
B. 4/5 of a scooter.
C. 6/5 scooters.
D. 1.25 scooters.
Answer: B
You might also like to view...
Bananaland produces only bananas and sunscreen and the quantities and prices for 2012 and 2013 are given in the table above. The base year is 2012. In 2013, which is larger, nominal GDP or real GDP?
A) Both are the same size. B) Nominal GDP is larger. C) Real GDP is larger. D) The answer is ambiguous. E) More information is needed to determine which is larger.
By 1913, the dominant method of making basic steel was the open-hearth furnace
Indicate whether the statement is true or false
In order to assure allocative efficiency:
a. people's marginal rate of substitution must equal the economy's rate of product transformation. b. people's marginal rate of substitution must equal the firm's rate of technical substitution among inputs. c. a firm's rate of technical substitution must equal the economy's rate of product transformation. d. all of the above.
Market structure is determined by the
a. volume of discounts, the quantity of foreign exchange, and the effects of Federal Reserve policy b. influence of government policy, the number of qualified buyers, and the effect of generally accepted accounting principles c. number of buyers and sellers, whether the product is standardized, whether there is free entry and exit, and how well informed the buyers and sellers are about the market d. volume of discounts, the effect of generally accepted accounting principles, and Federal Reserve policy e. influence of government policy, the quantity of foreign exchange, and the effects of Federal Reserve policy