Asked by
Verified
(Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada.Both nations can produce cars and lumber.In _____,the opportunity cost of _____ cars is _____ board feet of lumber.
A) the United States;1 million;10 million
B) the United States;10 million;1 million
C) Canada;1 million;6 million
D) Canada;1 million;166,000
Opportunity Cost
The expense incurred by not selecting the second-best choice while deciding or preferring one option to another.
Cars
Motor vehicles with four wheels, primarily used for transporting people rather than goods.
Lumber
Wood that has been processed into beams and planks, a stage in the process of wood production.
- Gain an understanding of the opportunity cost concept and the procedure for determining it via production possibility frontiers.
- Detail the dissimilarities between comparative and absolute advantage.
Verified Answer
Learning Objectives
- Gain an understanding of the opportunity cost concept and the procedure for determining it via production possibility frontiers.
- Detail the dissimilarities between comparative and absolute advantage.
Related questions
(Figure: the Production Possibility Frontiers for Jackson and Tahoe)Use Figure ...
(Table: Production Possibilities for the United States and Canada)Use Table ...
The United States Must Give Up the Production of 300 ...
(Table: Production Possibilities for the United States and Canada)Use Table ...
(Table: Production Possibilities for Machinery and Petroleum)Use Table: Production Possibilities ...