The table above gives the production possibilities frontier for a nation that produces wheat and soybeans
Use the information in that table to complete the table below, which has in it the opportunity costs of moving from one production point to another. Do not forget to note the units of the opportunity costs. Movement from Opportunity cost Movement from Opportunity cost A to B D to C B to C C to B C to D B to A
Movement from Opportunity cost
(bushels of soybeans per bushels of wheat) Movement from Opportunity cost
(bushels of wheat per bushels of soybeans)
A to B 0.22 D to C 1.00
B to C 0.40 C to B 2.50
The table above gives the opportunity costs. The units of the opportunity costs are in the column headings.
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Which of the following persons would be considered employed?
A) Jennifer, a teacher who is on a two month maternity leave but will return to work after. B) All of the above persons are considered employed. C) Sam, a 12 year old who helps his mom stock shelves at her gift shop. D) Ron, a recently enrolled full-time college student in hopes of finding a well-paying job.
To measure productivity in an economy, we compute the actual real GDP and then divide it by
A) the number of years over which it was produced. B) the amount of labor that went into producing it. C) the capital stock in existence at the time. D) the value of the capital stock that was used up in the process of production. E) the natural real GDP in the same period.