If an economy can produce various combinations of food and shelter along a production possibilities curve (PPC), then if we increase the production of shelter along the PPC, which of the following is true?
a. We cannot change the production of food.
b. We must decrease the production of food. This forgone food production represents the opportunity cost of the increase in shelter.
c. We also increase the production of food.
d. The concept of opportunity cost does not apply along PPC.
b
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Use the following table to answer the next question.YearAltaZornAltaZorn?(Real GDP)(Real GDP)(Population)(Population)1$2,000$150,00020050022,100152,00020250532,200154,000210508Per capita GDP was about
A. $303 in year 3 in Zorn. B. $5 in year 2 in Alta. C. $105 in year 3 in Alta. D. $200 in year 1 in Zorn.
The unemployment rate for younger workers is usually ________ the unemployment rate for older workers.
A. more predictable than B. higher than C. lower than D. approximately equal to