Assume the United States can use a given amount of its resources to produce either 20 airplanes or 8 automobiles and Japan can employ the same amount of its resources to produce either 20 airplanes or 10 automobiles. The U.S. should specialize in:

a. neither good.
b. automobiles.
c. airplanes.
d. both goods.

c

Economics

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If the opportunity cost of time is ________, and an individual spends ________ commuting every month, his opportunity cost of commute is $100 every month

A) $5 per hour; 10 hours B) $8 per hour; 20 hours C) 10 per hour; 10 hours D) $12 per hour; 5 hours

Economics

For all goods other than those that are addictive, and assuming that the quantity consumed is not so large that the last units consumed generate negative marginal utilities, we can say that, for the consumer, as more of the good is consumed, its marginal utility _____ while its total utility _____

a. increases; decreases b. decreases; increases c. increases; increases d. decreases; decreases e. no general rule can be made here

Economics