The table above gives the cost of producing T-shirts. The total fixed cost is ________ and the marginal cost of increasing production from 5 to 6 T shirts is ________

On a typical acre of land, Iowa can produce either 300 pounds of beef or 100 pounds of soybeans in a year. On a typical acre of land, Nebraska can produce 150 pounds of beef or 200 pounds of soybeans. Which of the following is correct?

A) Nebraska should produce soybeans because its opportunity cost of soybeans is lower. B) Iowa should produce soybeans because its opportunity cost of soybeans is higher. C) Iowa should produce soybeans because its opportunity cost of soybeans is lower. D) Nebraska and Iowa should divide each acre evenly between soybean and beef production. E) Nebraska should produce soybeans because its opportunity cost of soybeans is higher.

Nominal GDP is $12.1 trillion and real GDP is $11.0 trillion. The GDP price index is

A) 90.1. B) 121. C) 1.10. D) 91.0. E) 110.