27 The opportunity cost of obtaining more of one good is shown on the production

Question

27 The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the A - amount of the other good that must be given up. B - market price of the additional amount produced. C - amount of resources that must ne devoted to its production. D - number of dollars that must be spent to produce it.

28 To improve living standards policymakers should A - impose restrictions on foreign competition. B - formulate policies designed to increase productivity. C - impose tougher immigration polices. D - provide tax breaks for the middle class

29 Which of the following is not an example for scarcity? A - Only some people can afford to buy a Ferrari. B - Every individual in society cannot attain the highest standard of living to which he or she might aspire. C - Doug has an unlimited supply of apples in his orchard. D - Each member of a household cannot get everything he or she wants.

30 Irregular fluctuations in economic activity are known as the A - business cycle B - broken window fallacy C - tradeoff between inflation and unemployment D - ten principles of economics

Explanation / Answer

27.

A - amount of the other good that must be given up

because opporunity cost is nothing best the best alternative forgone to get something. So in this case as you need to get more of one thing that means you should forgot other thing due to limited or scarcity of resources.

As per chegg policy, we can only do one question per Q&A.Thanks

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