Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Along budget constraint AC, the opportunity cost of one hamburger
A. is 1/4 of a hot dog.
B. is 1/2 of a hot dog.
C. is 2 hot dogs.
D. changes as you move down along the budget constraint.
Answer: C
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Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect
A. new firms to enter, causing the market price of corn to decrease. B. some firms to exit, causing the market price of corn to increase. C. some firms to exit, causing the market price of corn to decrease. D. new firms to enter, causing the market price of corn to increase.
The use of government regulations and barriers in order to control trade is referred to as:
A) globalization. B) protectionism. C) liberalization. D) actualization.
The United States is the world's leading grain-producing nation. Exporting grain causes the: a. domestic consumption of grain to rise because of the added foreign demand
b. price of grain in the domestic market to fall because foreigners are now taking some of the domestic demand. c. price of grain to domestic consumers to rise because of the added foreign demand. d. standard of living of foreigners to fall because of the lost purchasing power.
The Gramm-Rudman-Hollings Act of 1985 created a
A. Mandated balanced budget by 2005. B. Debt ceiling. C. Prohibition against external financing of the debt. D. Deficit ceiling.