A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. The marginal opportunity cost of the third unit of steel is:
A. 18.3 units of wheat
B. 25 units of wheat
C. 20 units of wheat
D. 55 units of wheat
Answer: C
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A short-run open-economy model with demand shocks can analyze the effect on _____ if output prices and factor prices are sticky.
A) inflation B) real economic activity (real GDP and unemployment) C) long-run variables D) expectations
Michelle Palmisano has the rare talent to be a top rodeo rider, yet her winnings are not anywhere near the level of players in the major pro sports. The reason is that
a. anyone can ride in a rodeo b. demand and supply have simultaneously shifted by unknown amounts c. demand for her talent is not sufficient to support a high level of pay d. technology for saddles has not advanced for a long time e. consumer incomes have been increasing substantially