Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point Y?
A) 14 million tons of steel B) 5 million tons of steel
C) 5 million tons of paper D) 9 million tons of paper
B
Economics
You might also like to view...
Suppose you are paid a wage of $50 per hour. if your marginal income tax rate is 20%, then for every additional hour you work, your after-tax wage is
A) $10. B) $20. C) $25. D) $40.
Economics
Primarily, macroeconomists use microeconomic principles to study
A) business cycles and trends in the stock market. B) long-run economic growth and antitrust policies. C) trends in the stock market and long-term economic growth. D) long-run economic growth and business cycles.
Economics