Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. The opportunity cost of producing a bushel of alfalfa in the United States is
A. four times as much as that in Canada.
B. half as much as that in Canada.
C. twice as much as that in Canada.
D. the same as that in Canada.
Answer: B
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Refer to the table above. Eduland has a comparative advantage in ________ shoes
A) both designing and stitching B) designing C) shutting its factory D) stitching
Under ________, there are many firms selling slightly different products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Import quotas on sugar result in lower sugar prices in the United States
a. True b. False
Which of the following is correct concerning opportunity cost?
a. Except to the extent that you pay more for them, opportunity costs should not include the cost of things you would have purchased anyway. b. To compute opportunity costs, you should subtract benefits from costs. c. Opportunity costs and the idea of trade-offs are not closely related. d. Rational people should compare various options without considering opportunity costs.