Refer to Table 2-11. What is South Korea's opportunity cost of producing one digital camera?
A) 0.05 pounds of wheat B) 20 pounds of wheat
C) 25 pounds of wheat D) 60 pounds of wheat
B
Economics
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Refer to the diagram. A surplus of 160 units would be encountered if the price was:
A. $1.10, that is, $1.60 minus $.50.
B. $1.60.
C. $1.00.
D. $0.50.
Economics
Which of the following is not a characteristic of indifference curves?
A. They are negatively sloped. B. They never intersect. C. They are concave toward the origin. D. Combinations of goods that include more of both goods are preferred, on a higher indifference curve.
Economics