Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing beef?
A) The U.S.
B) Canada
C) Both countries
D) Neither country
B
You might also like to view...
In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000 B. $16,000; $20,000 C. $20,000; $16,000 D. $16,000; $16,000
Where large amounts of capital are used, the dominant form of business organization is the
A) corporation. B) partnership. C) proprietorship. D) partnership in manufacturing and the corporation in finance.
A decrease in the price level
A) shifts the AD curve to the right. B) shifts the AD curve to the left. C) causes an upward movement along the existing AD curve. D) causes a downward movement along the existing AD curve. E) none of the above
The rate at which aggregate supply changes to restore equilibrium at potential output depends crucially on _____
Fill in the blank(s) with the appropriate word(s).