Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0 If Jorge produces 20 pounds of green beans, he can produce ________ pounds of corn.
A. 160
B. 240
C. 0
D. 80
Answer: B
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Refer to Figure 9-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise. B) The quantity of labor demanded by firms will fall. C) The unemployment rate will fall. D) Both A and C will occur.
The definition of cross elasticity of demand for two products X and Y is
A. percentage change in quantity of X demanded/percentage change in quantity of Y demanded. B. percentage change in price of Y/percentage change in quantity of X demanded. C. percentage change in price of Y/percentage change in price of X. D. percentage change in quantity of X demanded/percentage change in price of Y.
Which is always TRUE at a firm's profit-maximizing rate of production?
A) Total Revenue = Total Costs B) The total revenue curve lies below the total cost curve. C) Marginal Revenue > Marginal Cost D) Marginal Revenue = Marginal Cost
When a recession occurs, we would expect the government to run a budget deficit by raising the level of its spending or by cutting taxes, or perhaps both. The Fed would be expected to
a. reduce the legal reserve requirement, increase the discount rate, and buy securities on the open market b. reduce the legal reserve requirement, reduce the discount rate, and sell securities on the open market c. reduce the legal reserve requirement, reduce the discount rate, and buy securities on the open market d. increase the legal reserve requirement, reduce the discount rate, and sell securities on the open market e. increase the legal reserve requirement, increase the discount rate, and sell securities on the open market