In the table above, Jill's opportunity cost for 1 pound of food is ________ and her opportunity cost for 1 pound of clothing is ________
A) 1 pound of clothing; 4 pounds of food
B) 1/2 of a pound of clothing; 2 pounds of food
C) 1/3 of a pound of clothing; 3 pounds of food
D) 2 pounds of clothing; 2 pounds of food
E) 1 pound of food; 1 pound of clothing
C
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Applying a price of labor to the law of diminishing returns generates
a. the law of increasing costs b. less output as more labor is hired c. differences in the quality of labor d. a negatively-sloped labor supply curve e. specialization and the division of labor
A U.S. fast food restaurant chain sells dollars for Argentinean pesos and then uses the pesos to buy Argentinean beef. Which of the following do these transactions increase?
a. Argentinean net capital outflow and Argentinean net exports b. only Argentinean net exports c. only Argentinean net capital outflow d. neither Argentinean net exports nor Argentinean capital outflow