Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?
A) 5/6 of a gallon of honey B) 1.5 gallons of honey
C) 1.2 gallons of honey D) 1/2 of a gallon of honey
C
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Refer to Scenario 9.1. The Nash equilibrium occurs when Sheb places ________ sheep on the commons and Monty places ________ sheep on the commons
A) 4; 4 B) 4; 5 C) 5; 4 D) 5; 5
The graph above shows the PPC for a country that can produce oil or televisions. The straight line is the trade line and CPC if production is at Point A. Which of the following is a true statement?
A) This country should produce relatively more oil and relatively fewer televisions. B) This country should produce relatively more televisions and relatively less oil. C) This country should produce more of both goods. D) This country is producing the optimal mix of oil and televisions to maximize its income.