The opportunity cost of increased production of some good can be measured with
a. the slope of a ray to the production possibilities curve.
b. the area under the curve of a production possibilities curve.
c. the area of the rectangle bounded by the axes and the point on the production possibilities curve.
d. the slope of the production possibilities curve.
e. All of the above are correct.
d
You might also like to view...
If it is said that a currency is undervalued against the dollar, it is meant that:
A) the dollar is worth more of that currency than it would have been under a fixed exchange rate regime. B) the dollar is worth more of that currency than it would have been under a flexible exchange rate regime. C) the dollar is worth less of that currency than it would have been under a fixed exchange rate regime. D) the dollar is worth more of that currency than it would have been under a managed exchange rate regime.
Suppose that you are an Israeli citizen and had invested in a one-year U.S. bond that yielded 5 percent. The bond cost $5,000 and paid $5,250 at the end of the year. At the time you bought the bond, the exchange rate was 3.8 shekels/dollar
How many shekels did the bond cost? If the exchange rate fell to 3.5 shekels/dollar over this time period, what would the return on your investment be?
You decide to skip going to a movie with friends and stay home and study. How did you reach your decision?
a. By determining that you were not interested in the movie b. By evaluating that the marginal cost of studying exceeded the marginal benefit c. By determining that the marginal benefit of studying was greater than the marginal cost d. By realizing that there was a very high opportunity cost associated with studying
In 2017, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.