Refer to Table 2-9. What is Japan's opportunity cost of producing one pound of rice?
A) 0.04 units of a wristwatch B) 4 wristwatches
C) 25 wristwatches D) 40 wristwatches
A
Economics
You might also like to view...
If the price of orange juice rises 10%, and as a result the quantity demanded falls by 8%, the price elasticity of demand for orange juice is
A) -1.25. B) elastic. C) Both A and B above. D) Neither A nor B above.
Economics
Price elasticity is defined as the change in quantity demanded relative to a change in
A. the price of substitute products. B. the price of the product. C. the price of complementary products. D. consumer income.
Economics