The opportunity cost of producing 50 bed linens for

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Microeconomics
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Chapter 1 / Exercise 1
Microeconomics
Arnold
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13.The opportunity cost of producing 50 bed linens for the US is:A) 83.33 Bed LinensB) 100 Bed LinensC) 60 Computer ChipsD) 50 computer ChipsCorrect Answer(s):D
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14.Using comparative advantage, which country should import bed linens?
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Microeconomics
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Chapter 1 / Exercise 1
Microeconomics
Arnold
Expert Verified
THE US SHOULD IMPORT COMPUTER CHIPS SINCE THEY HAVE LOWER OPPORTUNITY COSTS IN PRODUCING BED LINENS RELATIVE TO SK AND THUS, HAS A COMPARATIVE IN PRODUCING BED LINENS AND SHOULD SPECIALIZE IN PRODUCING BED LINENSTable for Individual Question FeedbackPoints Earned:3.0/3.0
15.Marginal analysis involves undertaking an activity
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16.Which of the following statements is true about scarcity?
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17.Economists assume that individualsA) behave in unpredictable waysB) will never take actions to help others
C) prefer to live in a society that values fairness above all elseD) are rational and respond to incentivesCorrect Answer(s):D
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18.Which of the following is a normative economic statement?
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