Suppose that Sandy can produce 10 economic reports or make 2 sales calls. Suppose Tim can produce 2 economic reports or make 1 sales call. Which of the following is CORRECT?
A) The opportunity cost for Sandy of producing one economics report is 1/5 of a sales call.
B) The opportunity cost for Sandy of producing one sales call is 10 economics reports.
C) The opportunity cost for Tim of producing one sales call is 1/2 of an economics report.
D) The opportunity cost for Tim of producing one economics report is 2 sales calls.
A
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The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) human capital. B) labor productivity. C) technology. D) real GDP.
The production possibility table below is for growing broccoli and asparagus in a 320-square-foot garden in one season.Production PossibilityBroccoliAsparagus30020181026030 Which curve on the graph on the right corresponds to this table?
A. I B. II C. III D. IV