Refer to Table 2-15. What is George's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated. D) one and a half lawns mowed
A
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Although Europe is not an OCA, some areas in the European Union would probably meet the criteria. Which of the following would meet them?
A) France, Sweden, and Denmark B) the former Eastern bloc nations of Yugoslavia, Romania, and Bulgaria C) the Netherlands, Denmark, and Britain D) Italy, Germany, Austria, Belgium, the Netherlands, and Luxembourg
The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. an agreement by workers in the chewing gum industry to work for lower wages d. a decrease in the number of young people in the population e. a decrease in income