The above figure shows the production possibility frontier for a country. Suppose the country is producing at point A. What is the opportunity cost of increasing the production of rice to 12 tons?
A) 6 thousand bottles of wine
B) 9 thousand bottles of wine
C) 15 thousand bottles of wine
D) 12 tons of rice
E) Nothing, it is a free lunch.
A
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Refer to Figure 3.1. A Nash Equilibrium occurs where
A) Homer confesses to committing the crime and Marge denies committing the crime. B) Marge confesses to committing the crime and Homer denies committing the crime. C) Homer and Marge both confess to committing the crime. D) Homer and Marge both deny committing the crime.
In which of the following cases is the slope of a line positive and less than infinity?
A) As the variable measured on the x-axis decreases, the variable measured on the y-axis decreases. B) As the variable measured on the x-axis increases, the variable measured on the y-axis decreases. C) As the variable measured on the y-axis increases, the variable measured on the x-axis does not change. D) As the variable measured on the y-axis increases, the variable measured on the x-axis decreases.