Multiple Choice
In an eight-hour day, Isabel can produce 15 pounds of taffy or 3 pounds of chocolate chip cookies. In an eight-hour day, Ramona can produce 6 pounds of taffy or 6 pounds of chocolate chip cookies. The opportunity cost of producing 1 pound of chocolate chip cookies is
A) one-fifth of an hour for Isabel and one hour for Ramona.
B) one hour for Isabel and one hour for Ramona.
C) five pounds of taffy for Isabel and one pound of taffy for Ramona.
D) one-fifth of a pound of taffy for Isabel and one pound of taffy for Ramona.
Correct Answer:
Verified
Correct Answer:
Verified
Q283: The effects of past trade agreements between
Q284: (Table: Production Possibilities Schedule) In the table,
Q285: The graph we could draw to represent
Q286: Imagine two countries with identical endowments of
Q287: (Figure: Bread and Honey) In the graph,
Q289: (Figure: Biscuit and Cookies PPFs) Greg and
Q290: If an economy is operating at a
Q291: Which is NOT a source of economic
Q292: A production possibilities frontier with increasing opportunity
Q293: (Figure: Bread and Honey) Which point in