Author Question: Assuming farmers can plant either corn or soybeans, as U.S. farmers plant more corn to meet rising ... (Read 238 times)

jeatrice · **on:** Jun 29, 2018

Assuming farmers can plant either corn or soybeans, as U.S. farmers plant more corn to meet rising global demand

A) the opportunity cost of producing corn increases.
B) the opportunity cost of producing corn decreases.
C) the U.S. PPF for corn and other goods and services shifts outward.
D) the United States produces at a point beyond its PPF.

Question 2

If last year's price level was 100 and this year's price level is 114, over the year the inflation rate has been

A) 14 percent.
B) 114 percent.
C) 12 percent
D) 100 percent.