The above figure shows the production possibility frontier for a country. Suppose the country is producing at point D. What is the opportunity cost of increasing the production of rice to 15 tons?
A) 9 thousand bottles of wine
B) 12 tons of rice
C) 6 thousand bottles of wine
D) 15 thousand bottles of wine
E) Nothing, it is a free lunch.
A
Economics
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The production possibilities curve has:
A. a positive slope that increases as we move along it from left to right. B. a negative slope that increases as we move along it from left to right. C. a negative slope that decreases as we move along it from left to right. D. a negative slope that is constant as we move along it from left to right.
Economics
Based on the graph for the Gini Coefficient, as income inequality increases, Area A ______.
a. grows larger
b. grows smaller
c. disappears
d. divides into halves
Economics