For economic analysis, the short run is considered less than one year.

Refer to the table above, which gives five points on a nation's PPF. The opportunity cost of increasing the production of Y from 16 to 36 units is a total of

A) 1/5 unit of X per unit of Y. B) 2/5 unit of X per unit of Y. C) 1/2 unit of X per unit of Y. D) 3/5 unit of X per unit of Y.

Entrepreneurs are important to market economies because

A) they engage in risk taking and innovation. B) they make up a large portion of low-skilled labor. C) they take few risks and thereby, suffer fewer bankruptcies. D) they represent the bulk of employment at large corporations.