The purpose of collateral and restrictive covenants is to reduce ________ in debt contracts

If an economy is represented by a point along its production possibilities curve

A) it can produce more of one product only if it produces less of another product. B) it cannot produce more of one product unless it stops producing the other product entirely. C) it can produce more of one product even if it does not produce less of another product. D) it cannot possibly produce more of one product, even if it produces less of another product.

Ken and Traci are two woodworkers who both make tables and chairs. In one month, Ken can make 3 tables or 18 chairs, whereas Traci can make 8 tables or 24 chairs. Given this, we know that the opportunity cost of 1 table is

a. 1/6 chair for Ken and 1/3 chair for Traci. b. 1/6 chair for Ken and 3 chairs for Traci. c. 6 chairs for Ken and 1/3 chair for Traci. d. 6 chairs for Ken and 3 chairs for Traci.