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The Data in the Table Below Assumes That with the Same

question 52

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The data in the table below assumes that with the same quantity of resources, both Australia and Philippines produces food and computers.Australia can make 1, 000 computers or 2, 000 units of food in a day, and the Philippines can make 200 computers or 1, 200 units of food in a day. Table 34.2 The data in the table below assumes that with the same quantity of resources, both Australia and Philippines produces food and computers.Australia can make 1, 000 computers or 2, 000 units of food in a day, and the Philippines can make 200 computers or 1, 200 units of food in a day. Table 34.2   According to Table 34.2, what is the opportunity cost of 1 computer in the Philippines? A) 6 units of food B) Three-fifths of a unit of food C) One-sixth of a unit of food D) 2 units of food E) 1 unit of food According to Table 34.2, what is the opportunity cost of 1 computer in the Philippines?


Definitions:

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a good or service.

Downward-Sloping Demand

A common economic principle where the quantity demanded of a good or service decreases as its price increases.

Quantity Tax

A tax that is levied on the quantity of a good produced or sold, rather than its price.

Marginal Cost

The rise in overall expenses resulting from the production of an extra unit of a product or service.

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