Henry works in a restaurant and makes $35 000 per year. He decides to quit his job and go back to school to become an electrician. What is the opportunity cost of his decision? the wages he would have earned working in a restaurant The following table shows the price and corresponding number of soccer balls that are demanded at each price level. What kind of relationship exists between the price and quantity of soccer balls demanded? a negative relationship 10% In terms of a percentage change, how much did a country's GDP grow if it produced $200 billion last year and produced $220 billion this year? Refer to The Production Possibilities Curve. What does a production possibilities frontier show? The Production Possibilities Curve Long Description the various combinations of two goods a country can produce with its resources Refer to The Production Possibilities Curve. What does the movement from point A to point D represent? The Production Possibilities Curve a trade-off of Y for X At what level is the economy operating at when it is operating at a point inside the production possibilities curve? an inefficient level Refer to The Production Possibilities Curve: Butter and Tractors. Why is point X inefficient? The Production Possibilities Curve: Butter and Tractors Long Description It is possible to produce 1.5 million more tonnes of butter without forgoing any tractors. Refer to The Production Possibilities Curve: Butter and Tractors. What does point C on the country's production possibilities curve represent? The Production Possibilities Curve: Butter and Tractors Long Description the full employment of resources Refer to The Production Possibilities Curve: Butter and Tractors. When moving from point B to point C, what is the opportunity cost of 1000 additional tractors? The Production Possibilities Curve: Butter and Tractors Long Description 1.5 million tonnes of butter Refer to The Production Possibilities Curve: Butter and Tractors. When moving from point A to point D, what is the opportunity cost of 2500 additional tractors? The Production Possibilities Curve: Butter and Tractors Long Description 3.5 million tonnes of butter Refer to The Production Possibilities Curve: Butter and Tractors. Under what circumstances could the economy consume more than 4 million tonnes of butter and more than 3000 tractors at the same time? The Production Possibilities Curve: Butter and Tractors Long Description when technological improvements occur in the production of either good