Possibility A I || Table 2-1 Economics 94 87 77 History 76 84 91 Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: 15 points on the history exam 8 points on the history exam 14 points on the history exam 17 points on the history exam

Possibility A I || Table 2-1 Economics 94 87 77 History 76 84 91 Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: 15 points on the history exam 8 points on the history exam 14 points on the history exam 17 points on the history exam

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 8P

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Suppose the hypothetical economy produces only car and oil using its available resources and existing technology. CombinationsUnitsProduction alternatives ABCDE OilKgs8006004002000 CarNumber0500100015002000 Using the above information, Draw the production possibility frontier/ curve of a nation.If the economy is initially operating at point C, then calculate the opportunity cost producing one more unit of car. What changes are required for the economy to shift PPF either outward or inward?
Hi there. can you please assist on the following question below Multiple-choice questions: Select one correct answer for each of the following. Q.1.1 Consider the information contained in the table below. The table shows output rates in France and Holland for two goods (cheese and wine), when resources are fully and efficiently utilised. Country Cheese Wine Holland 450 150 France 400 100 Based on this information:(1) Holland should specialise in wine production and should export wine toFrance;(2) Holland has the absolute advantage in both cheese and wine production and consequently will not benefit by trading with France;(3) France should specialise in wine production and should export wine toHolland;(4) Holland should specialise in both cheese and wine production and should export both goods to France.Q.1.2 News about high levels of criminal activity in South Africa discourages American tourists from visiting South Africa. This decline in the number of tourists from the USA…
xt:Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, "Choose the activity with the highest value" (A). Another rule she could follow is, "Choose the activity with the lowest opportunity cost" (B). Do you think Bong-Cha's choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, "Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?"].
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discuss how the production possibility frontier model can be used to illustrate the basic economic problem of scarcity. with a diagram
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