Refer to Figure 2-12. What is the opportunity cost of producing one gallon of honey in Bora Bora?
A) 2/3 of a gallon of milk B) 0.9 gallons of milk
C) 1 1/3 gallons of milk D) 1.5 gallons of milk
A
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Profits earned in the United States by a foreign-owned firm would be included in
a. gross domestic product and gross national product. b. gross national product but not in gross domestic product. c. gross domestic product but not in gross national product. d. neither gross domestic product nor gross national product.
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase. b. Price and quantity will stay the same. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price will decrease, and quantity will decrease.