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Author Question: Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of ... (Read 106 times)

kaid0807

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on: Jun 30, 2018
Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. The opportunity cost of one bushel of wheat in Great Britain is
 a. 1 yard of textiles.
 b. 3 yards of textiles.
 c. 12 yards of textiles.
  d. 4 yards of textiles.

Question 2

Private solutions often are not possible due to the costs of negotiating and enforcing these solutions. Such costs are called:
 a. transaction costs.
 b. external costs.
 c. deadweight losses.
  d. social costs.


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samiel-sayed

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


kaid0807

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Reply 2 on: Jun 30, 2018
Excellent

jomama

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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