The opportunity cost of producing 50 bed linens for the US is A 8333 Bed Linens

The opportunity cost of producing 50 bed linens for

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13.
The opportunity cost of producing 50 bed linens for the US is: A) 83.33 Bed Linens B) 100 Bed Linens C) 60 Computer Chips D) 50 computer Chips Correct Answer(s):D Table for Individual Question Feedback Points Earned: 3.0/3.0 14. Using comparative advantage, which country should import bed linens? Feedback: SOUTH KOREA SHOULD IMPORT BED LINENS SINCE THEY HAVE A COMPARATIVE ADVANTAGE IN PRODUCING COMPUTER CHIPS SINCE THEY HAVE LOWER OPPORTUNITY COSTS IN PRODUCING COMPUTER CHIPS AND THUS SHOULD SPECIALIZE IN PRODUCING COMPUTER CHIPS. 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 LINENS Table for Individual Question Feedback Points Earned: 3.0/3.0 15. Marginal analysis involves undertaking an activity
Table for Individual Question Feedback Points Earned: 3.0/3.0 16. Which of the following statements is true about scarcity? Table for Individual Question Feedback Points Earned: 3.0/3.0 17. Economists assume that individuals A) behave in unpredictable ways B) will never take actions to help others C) prefer to live in a society that values fairness above all else D) are rational and respond to incentives Correct Answer(s):D Table for Individual Question Feedback Points Earned: 3.0/3.0 18. Which of the following is a normative economic statement? Table for Individual Question Feedback Points Earned: 3.0/3.0