Refer to Table 2-20. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches
C) 5 wristwatches D) 0.05 units of a wristwatch
Question 2
Which of the following is a result of government price controls?
A) Some people win and some people lose.
B) The deadweight loss from price ceilings is greater than the deadweight loss from price floors.
C) Price controls increase economic efficiency.
D) Price controls benefit poor consumers but harm producers and wealthy consumers.
