This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: The opportunity cost to him of studying is: b.) the value of the enjoyment and exercise he would have received had he gone for a bike ride. 6.) With time, which one of the following strategies would be most likely to result in an outward shift in the production possibilities curve of an economy? c.) institution of a tax policy encouraging firms to increase their capital resources at the expense of current consumption. 7.) The Kansas City Times of April 1, 1995, reported that the Ashland Oil Company announced that it had developed a process to refine 25% more gasoline from a barrel of crude oil than is now possible. What would be the effect of the new Ashland process upon the market for gasoline? a.) the supply curve would shift to the right, thereby putting downward pressure on the equilibrium price....
View Full Document