Suppose that a typical German factory can produce 20 cameras or 1 computer in an hour, and that a typical American factory can produce 10 cameras or 1 computer in an hour. The opportunity cost of 20 cameras in terms of computers in Germany is
A) 10 computers per camera.
B) 2 computers per camera.
C) 1 computer per camera.
D) 1/20 of a computer per camera.
C
Economics
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The demand for labor curve bends backward whenever the income and substitution effects work in opposite directions
a. True b. False
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Which of the following areas of study typifies macroeconomics as opposed to microeconomics?
a. the effects of rent control on the availability of housing in New York City b. the economic impact of tornadoes on cities and towns in Oklahoma c. how tariffs on shoes affects the shoe industry d. the effect on the economy of changes in the nation's unemployment rate
Economics