Refer to Figure 2-11. What is the opportunity cost of producing 1 pound of cashews in Indonesia?
A) 3/8 of a bolt of cotton B) 5/8 of a bolt of cotton
C) 2 2/3 bolts of cotton D) 320 bolts of cotton
C
Economics
You might also like to view...
In a market with an external cost, government action
A) cannot decrease the amount of the deadweight loss from the external cost. B) can sometimes help to achieve an efficient outcome. C) cannot alter firms' cost curves. D) Both answers A and C are correct. E) Both answers B and C are correct.
Economics
When a government imposes penalties on both sellers and buyers of an illegal good, the price of the good ________ and the quantity ________
A) falls; decreases B) falls; might increase, decrease, or not change C) rises; might increase, decrease, or not change D) might rise, fall, or not change; decreases
Economics