When moving along the production possibilities frontier, opportunity cost is measured as the
A) increase in the quantity produced of one good divided by the decrease in the quantity produced of another good.
B) decrease in the quantity produced of one good divided by the increase in the quantity produced of another good.
C) quantity produced of one good divided by the quantity produced of another good.
D) quantity produced of one good multiplied by the quantity produced of another good.
B
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The ability to produce a good or service using fewer resources than other producers use is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
Quotas are government imposed limits on the ________ of goods traded between countries
A) prices B) quantity C) value D) Either B or C
Don worked as a machinist all his life, and was recently laid off because his plant closed and the jobs were outsourced to India. There don't seem to be any machinist jobs in the area anymore. Don would be considered:
A. Don is a discouraged worker. B. frictionally unemployed. C. structurally unemployed. D. real-wage unemployed.
The Case in Point on obesity argues that agricultural innovation led to:
A) the increase in the demand for food. B) the increase in the supply of food. C) higher food prices. D) B and C occurred.