Which of the following is true?
a. Healthcare in Canada and most of the European countries is a socialized industry.
b. Socialization of the healthcare industry eliminates the problem of scarcity in the healthcare industry.
c. The high-income countries of Europe are able to provide as much healthcare, free of charge, as their citizens want.
d. All of the above are true.
A
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A country produces only apples and bananas. Moving from point A to point B along its production possibilities frontier, 5 apples are forgone and 4 bananas are gained. What is the opportunity cost of a banana?
A) 1 banana B) 5/4 of an apple C) 4 apples D) 4/5 of an apple E) None of the above answers is correct.
An example of an implicit cost of production is: a. the cost of raw materials used to produce bread in a bakery
b. the cost of labor in a factory that assembles DVD players. c. the income an entrepreneur could have earned working for someone else. d. all of the above.