Refer to Table 2-14. What is Ireland's opportunity cost of producing one motorcycle?
A) 0.2 guitar B) 5 guitars C) 8 guitars D) 32 guitars
B
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The best estimate for the size of overseas trade as a proportion of national income in 1774 is:
a. 0%-5%. b. 15%-20%. c. about 50%. d. 70%-75%.
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. What is the opportunity cost of using the coupon for the Miami trip?
A. $550 B. $450 C. $100 D. $500