ECON 1000 Study Guide - Midterm Guide: Absolute Advantage, Opportunity Cost, Estonian Kroon

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Jeff Quattrociocchi

Document Summary

Choose the one alternative that best completes the statement or answers the question. Figure 2. 1. 1: refer to the production possibilities frontier in figure 2. 1. 1. Figure 2. 1. 2: refer to the production possibilities frontier in figure 2. 1. 2. At point a, the opportunity cost of increasing production of y to 80 units is: 3 units of x, 10 units of y, 1 unit of x, 80 units of y, 2 units of x. Use the information below to answer the following questions. In an eight-hour day, andy can produce either 24 loaves of bread or 8 kilograms of butter. Use the figure below to answer the following questions: the equilibrium price in the market illustrated by figure 3. 4. 2 is, a unit, a unit, a unit, a unit, a unit. Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns. As a result, demand decreases by 100 heaters at each price.