Suppose that you own a house. What is the opportunity cost of living in the house? The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.

Elijah and Aneesha are farmers. Each one owns a 14-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. Elijah Aneesha SQUASH (Pounds) 140 On the following graph, use the blue line (circle symbol) to plot Elijah's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Aneesha's PPF. 126 112 98 84 70 42 28 14 0 Maize (Pounds per acre) 10 18 0 Squash (Pounds per acre) 6 70 140 210 280 350 420 490 560 630 MAIZE (Pounds) 700 Elijah's opportunity cost of producing 1 pound of squash is squash is pounds of maize. Because Elijah has a comparative advantage in the production of squash, and Elijah's PPF Aneesha's PPF (?) Aneesha has an absolute advantage in the production of maize, and Aneesha has an absolute advantage in the production of squash. 2…

PPP fails in reality for all the following reasons except what? O Monopolistic or oligopolistic competition in goods markets O Transportation costs O Trade barriers O Differences in inflation

Why is the economic concept of scarcity a crucial onefor businesspeople to understand?

Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease O B. exceeds; decrease O C. O D. exceeds; increase is less than; increase C the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 34 35 36 37 38 Marginal cost (packs of ice per pack of fish) Marginal benefit 53 6 5 4 3 2 3 4 20 35

Shen and Valerie are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Shen 20 5 Valerie 50 10 On the following graph, use the blue line (circle symbol) to plot Shen's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Valerie's PPF. 200 180 Shen's PPF 180 140 120 Valerie's PPF 100 80 60 40 20 100 200 300 400 500 600 700 800 900 1000 CORN (Bushels) has an absolute advantage in the production of corn, and has an absolute advantage in the production of rye. Shen's opportunity cost of producing 1 bushel of rye is | bushels of corn, whereas Valerie's opportunity cost of producing 1 bushel of rye is | bushels of corn. Because Shen has a opportunity cost of producing rye than…

Bill and Melinda work for a firm that creates web pages and apps.  The number of web page designs and apps each can produce in a week is given in the table below.                                                                       Output per Week   web pages designed apps created Bill 3 12 Melinda 2 4   Melinda’s opportunity cost of designing one web page is: Group of answer choices designing 2 apps designing 3 apps designing 4 apps designing 5 apps

Bob and Cho are farmers. Each one owns a 20-acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn Rye (Bushels per acre) (Bushels per acre) Bob 10 5 Cho 40 8 On the following graph, use the blue line (circle symbol) to plot Bob's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Cho's PPF. 200 Bob's PPF 180 160 F3 0+ F4 H r F5 M F7 1 F8 # F9 CI F10

QUESTION 16 After much consideration, you have chosen Salalah over Baku as your Eid Break destination this year. However, Eid Break is still a week away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision? O A. The marginal benefit of going to Salalah increases OB. The marginal cost of going to Baku decreases OC. The marginal cost of going to Salalah decreases OD. The marginal benefit of going to Baku decreases

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