The above table shows production combinations on a country's production possibilities frontier. What is the opportunity cost of one unit of Y when the production of good Y increases from 16 to 28 units?
A) 4 units of good X per unit of good Y
B) 3 units of good X per unit of good Y
C) 1/4 unit of good X per unit of good Y
D) There is no opportunity cost when moving from one point to another along a production possibilities frontier.
C
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What has happened to health care's share of gross domestic product in the United States since 1965? How does this compare to what has happened to out-of-pocket spending on health care as a percentage of all spending on health care?
What will be an ideal response?
Total factor productivity in railroads _____________ in the 20 years prior to the Civil War
a. decreased slightly b. remained largely unchanged c. increased by about 25 percent d. more than doubled
Buchanan and Wagner assert that there is a political bias toward contractionary fiscal policy and not expansionary fiscal policy
Indicate whether the statement is true or false
Exhibit 14-2 Cigarette smoking dataJack enjoys smoking, while Jill fears that second-hand smoke will shorten her life. The following table shows the value Jack places on each cigarette he smokes, and the value Jill places on her shortened life. Use the table to answer the following question(s): Quantityof cigarettes Total value to Jackof cigarettes Days of life lost Total value to Jillof days lost 1 $ 50 1 $ 30 2 90 2 60 3 120 3 90 4 140 4 120 5 150 5 150 As shown in Exhibit 14-2, what is the socially efficient number of cigarettes?
A. 0. B. 1. C. 3. D. 5.