In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. The opportunity cost of producing more of
A) good X is the same for both countries.
B) good Y is the same for both countries.
C) good X is lower in country A.
D) good Y is lower in country A.
D
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For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. C. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide. D. the country must be large relative to other nations in the world
Which one of the following statements best describes a price ceiling?
a. A price ceiling causes demand to change. b. A price ceiling causes supply to change. c. A price ceiling keeps a price from rising above a certain level. d. A price ceiling keeps a price from falling below a certain level.
Which of the following is a positive statement?
a. Driving speeds should be lowered so that fewer accidents will occur. b. When per capita income falls, fewer meals are consumed at restaurants. c. The minimum wage is too low; college students deserve a raise. d. Cigarette sales should be made illegal in order to reduce the incidence of cancer. e. Social Security is a good program for U.S. workers.
The demand curve for a particular good indicates the various quantities
a. demanded at various prices, other things equal b. demanded at different income levels, other things equal c. actually purchased at various prices, other things equal d. actually purchased at different income levels, other things equal e. demanded at various prices and income levels, other things equal