Domestic firms often claim that foreign firms have an unfair advantage because foreign workers are willing to work for very low wages

A production possibilities curve shows the relationship between the production of which two items?

(A) Farm goods and factory goods only. (B) Any two categories of goods. (C) Two types of factory goods only. (D) Two types of farm goods only.

Assume that an economy has 1500 workers, each working 2000 hours per year. If the average real output per worker-hour is $20, then total output or real GDP will be:

A.  $3 million B.  $30 million C.  $45 million D.  $60 million