Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080If Alexandra were to export a good, which one(s) would she export?
A. Sweaters
B. Scarves
C. Both sweaters and scarves
D. Neither sweaters nor scarves
Answer: B
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If the marginal propensity to consume is 0.75 and investment spending decreases by $20 billion, what will be the overall effect on GDP?
a. GDP will decrease by $20 billion b. GDP will increase by $15 billion c. GDP will decrease by $80 billion d. GDP will decrease by $30 billion e. GDP will decrease by $26.7 billion
Do economists know the value of the MPC for most economies?
a. Yes, with a high level of precision. b. Yes, with a certainty level of four decimal places. c. No, it is impossible to determine a national MPC. d. Yes, but with some level of uncertainty.
A flat tax is
A. A tax system in which tax rates rise as income rises. B. The tax rate imposed on the last dollar of income. C. A tax system in which tax rates are constant. D. A tax system in which tax rates fall as income rises.
Figure 5.4 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q = 50, the average fixed cost is:
A. $30. B. $40. C. $50. D. $60.