Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 3, Problem 9IAPA
To determine
Impact on
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Match the product to the category in which it belongs.
WORD BANK
Club good, Common reosurce, private good, public good
1.Loaf of bread-
2.Military-
3.Night Club-
4.Hammer-
5.Toothbrush-
Practice Question 9
Table 1
James
Lucy
Wagons
16
18
Tricycles
32
24
Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
What is James's opportunity cost of making a tricycle?
Group of answer choices
1. 3/4 of a wagon
2. 2 tricycles
3. 1/2 of a tricycle
4. 1/2 of a wagon
No written by hand solution
A Nigerian household would have to make a decision on whether to purchase Starlink’s internet because… a) …of the concept of opportunity cost b) …of the concept of shortage c) …of the concept of scarcity d) …of the concept of choice
Chapter 3 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
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Similar questions
- Match the product to the category in which it belongs. WORD BANK Club good, Common reosurce, private good, public good 1.Fish in the ocean- 2.Police Officer- 3.Cable Company- 4.Loaf of bread- 5.Military- 6.Night Club- 7.Hammer- 8.Toothbrush-arrow_forwardPractice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is Lucy's opportunity cost of making a wagon? Group of answer choices 1. 1 1/3 tricycles 2. 2 tricycles 3. 3/4 of a wagon 4. 3 wagonsarrow_forwardAn economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is the opportunity cost of producing 1 airplane? a)150 cars b)200 cars c)15000 cars d)100 carsarrow_forward
- What type of good is each of the below: 000 Fish in a lake A crowded beach Traffic Lights National Defense A non-crowded beach iPads Netflix 1. Club Goods 2. Common Resources 3. Private Goods 4. Public Goodsarrow_forwardLesson 2 Assignment Product Combo A Combo B Combo C Combo D Combo E Motorcycles 0 2 4 6 8 Surfboards 30 27 21 12 0 Graph the above production data, putting motorcycles on the horizontal axis. What are the opportunity costs of moving from point B to point D and from point D to point A? Point F represents 3 motorcycles and 21 surfboards. Plot this point on your graph and explain what it represents. Point G represents 5 motorcycles and 24 surfboards. Plot this point on your graph and explain what it represents.arrow_forwardFor each of the following, describe some of the potential opportunity costs: a. Going home for Thanksgiving vacation b. Riding your bicycle 20 miles every day c. The federal government using tax revenue to purchase 10,000 acres in Florida for use as a bird sanctuaryarrow_forward
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