Author Question: Refer to Figure 2-3. Sergio Vignetto raises cattle and llamas on his land. A portion of his land is ... (Read 195 times)

Alainaaa8 · **on:** Jun 29, 2018

Refer to Figure 2-3. Sergio Vignetto raises cattle and llamas on his land. A portion of his land is more suitable for raising cattle, and the other portion is better suited for raising llamas.

Which of the graphs in Figure 2-3 represent his production possibilities frontier that displays increasing opportunity costs?
A) Graph A
B) Graph B
C) Graph C
D) either Graph A or Graph C
E) either Graph B or Graph C

Question 2

The GDP deflator is a measure of the

A) average level of prices of intermediate goods and services in the economy.
B) total production of the economy adjusted for inflation.
C) total production of the economy unadjusted for inflation.
D) average level of prices of final goods and services in the economy.