1 point
Imagine that in France it takes 3 hours of labor to produce a loaf of bread
and 9 hours to make a wheel of cheese. What is the opportunity cost of
each wheel of cheese?

•3 loaves of bread?
•2 loaves of bread?
•27 loaves of bread?
•12 loaves of bread?

In a small, closed economy, national income (gdp) is $350 million for the current year. individuals have spent $100 million on the consumption of goods and services. they have paid a total of $60 million in taxes and the government has spent $75 million on goods and services this year. use this information and the national income identity to answer the questions. how much does the economy spend on investment?