The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Karl.
The slope of the PPC between points Y and Z is determined by ________ opportunity cost.
A. Janna and Drew's
B. Drew's
C. Janna's
D. Kari's
Answer: D
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Refer to Table 6-1. Suppose you own a bookstore. You believe that you can sell 40 copies per day of the latest John Grisham novel when the price is $35
You consider lowering the price to $25 and believe this will increase the quantity sold to 50 books per day. Compute the price elasticity of demand using the midpoint formula and these data. Select the correct implication from your work. A) The demand for the John Grisham book is elastic. Revenue will rise if the price is lowered. B) The demand for the John Grisham book is elastic. Revenue will fall if the price is lowered. C) The demand for the John Grisham book is inelastic. Revenue will fall if the price is lowered. D) The demand for the John Grisham book is inelastic. Revenue will rise if the price is lowered.
In an open economy, an increase in foreign output would cause the IS curve to shift ________ and a decrease in the foreign real interest rate would cause the IS curve to shift ________
A) down; down B) down; up C) up; down D) up; up
Over the past 50 years, the largest increase in average real wage has occurred among ________
A) male college graduates B) female college graduates C) males with post-college education D) females with post-college education
Suppose Portugal has 700 workers and 26,000 units of capital, and France has 18,000 workers and 700 units of capital. Technology is identical in both countries. Assume that wine is the capitalintensive good and cloth is the laborintensive good. Which of the following statements is CORRECT if the nations start trading with each other?
a. Wages will increase in Portugal. b. Rental rates in France will increase. c. Wages in France will decrease. d. Rental rates in Portugal will increase