Answer:
The workers will only produce oranges.
Explanation:
'Opportunity cost' is an important concept which shows the relationship between choice and scarcity. For example: One can spend money and time on one thing at a time but loses the opportunity do perform the other things, which would be his opportunity cost. Like you take a vacation for the money you have but the opportunity cost is not having a new car.
Relative price is the price of one commodity in terms of another. In the given situation, opportunity cost of an apple is 3 oranges and relative price of apple is 3, so the workers will produce only oranges, as it will be more profitable.
The current account is used to mark the inflow and outflow of goods and services
C. Government bond would be the correct answer
Answer:
The correct answer is A)
Explanation:
There is no good or service that is unlimited.
The concept of the Barter system was simply a method of exchanging value for value.
- It was phased away due to several reasons:
- It was not a good store of value as many of the goods were perishable
- it didn't make for good administration: It was too cumbersome and problematic. Imagine having to store three trailers of eggs awaiting a barter exchange
Cheers!
Sensitivity analysis. Where one variable is being tweaked a little to see the NPV, that is always sensitivity analysis.
