The following graph is the production possibilities frontier of a nation:
The opportunity cost of the fourth unit of bread is
A. 3 drill presses.
B. 4 drill presses.
C. 1 drill press.
D. 0 drill presses.
Answer: B
You might also like to view...
Suppose firms in a perfectly competitive industry are making economic profits. As a result I. new firms enter the industry. II. the market price falls. III. the economic profits of the existing firms decrease
A) I, II and III B) I and II C) II and III D) I and III
Economically speaking, the design of Medicare
A) encourages the consumption of medical services. B) discourages the consumption of medical services. C) helps to decrease the cost of care to non-Medicare patients. D) discourages the provision of medical services.
The demand for flounder (a specific type of fish) is
a. more elastic than the demand for fish because there are more substitutes for flounder than for fish in general b. less elastic than the demand for fish because there are more substitutes for flounder than for fish in general c. more elastic than the demand for fish because there are more substitutes for fish in general than for flounder d. less elastic than the demand for fish because there are more substitutes for fish in general than for flounder e. more elastic than the demand for fish because flounder is one of the less expensive kinds of fish
Cases involving unequal pay for equal work and unequal access to promotion are monitored by:
a. the Council of Economic Advisors. b. the Equal Employment Opportunity Commission. c. the Federal Trade Commission d. the Social Security Administration.