The production possibilities curve for two products is bowed out because
A. the qualities of the resources are not identical.
B. there are unemployed resources.
C. as the production of a good increases, opportunity cost is unchanged.
D. as the production of a good increases, opportunity cost increases.
Answer: D
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You won a free ticket to see the latest Star Wars movie this Friday night (which you can costlessly resell for its face value of $15). Your favorite band is also performing on Friday and is your only alternative activity. Friday is your last chance to see either the movie or the band. Tickets to see your favorite band cost $30, and on any given day, you would be willing to pay as much as $50 for a ticket. Based on this information, what is your opportunity cost of going to see the Star Wars movie on Friday?
A. $50 B. $35 C. $30 D. $0
Use the following table to answer the question below. Jorge's Production Possibilities SchedulePounds of Green BeansPounds of Corn03202024040160608080 0 If Jorge produces 20 pounds of green beans, he can produce ________ pounds of corn.
A. 160 B. 240 C. 0 D. 80