The opportunity cost of an activity is
A) the dollar cost to engage in the activity.
B) the value of the resources needed to conduct the activity.
C) the same for all who participate in the activity.
D) what you sacrifice to engage in the activity.
D
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Refer to the table above. Which of the following is true?
A) Country X has a comparative advantage in the production of rice. B) Country X has a comparative advantage in the production of wheat. C) Country Y has an absolute advantage only in the production of wheat. D) Country Y has an absolute advantage only in the production of rice.
The above figure shows the supply and demand curves for high-skilled and low-skilled labor. Low-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.
In 2010, personal consumption expenditures constituted ________ percent of nominal GDP
A) 70.6 B) 17 C) 18 D) -5.4
Total cost divided by the number of units produced is called:
a. total cost b. average cost c. marginal cost d. variable cost