Refer to the tables below. For OMICS, the opportunity cost of producing an additional unit of A is:
Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.
A. 1 unit of B
B. 2 units of B
C. 3 units of B
D. 4 units of B
C. 3 units of B
Economics
You might also like to view...
Small differences in annual growth rates of real GDP generate large differences in real GDP over time because of the:
A. diminishing returns to capital. B. importance of average labor productivity. C. limits of economic growth. D. power of compound interest.
Economics
Refer to the graph shown. If consumers had to pay $13 per unit for this product instead of $10 per unit, consumer surplus would fall from:
A. 1,125 to 810. B. 1,500 to 810. C. 1,125 to 405. D. 2,250 to 1,125.
Economics