Refer to the scenario above. If the population of the economy is 200, the per capita national income is:

Which of the following is NOT a correct description of opportunity cost of capital?

A) It is the normal rate of return on investment. B) It is normally included in accounting costs. C) It is the income sacrificed by not investing in another firm. D) It is an implicit cost.

If the cross price elasticity of demand for tacos with respect to burritos equals +2.5, then: a. a 1% increase in the quantity of burritos purchased will lead to a 2.5% increase in the price of a taco

b. a 10% increase in the price of a burrito will lead to a 25% increase in the quantity of tacos demanded at a given price. c. a 1% decrease in the price of a burrito will lead to a 2.5% increase in the quantity of tacos demanded at a given price. d. a 1% increase in the quantity of tacos purchased will lead to a 2.5% increase in the price of a burrito.