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. Pick the true statement:

A) The opportunity cost of 1 unit of beef in Canada is 4 units of oranges.
B) The opportunity cost of 1 unit of oranges in the U.S. is 4 units of beef.
C) Canada is has a comparative advantage in oranges.
D) The U.S. has a comparative advantage in beef.
E) None of the above is true.

E

Economics

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Allocative efficiency occurs

A) anywhere inside or on the production possibilities frontier. B) when the total cost of production is minimized. C) at all points on the production possibilities frontier. D) at only one point on the production possibilities frontier. E) at the points where the production possibilities frontier crosses the horizontal or vertical axis.

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Which type of regulation applies to all firms in the economy, as opposed to only covering specific industries?

A) economic regulation B) social regulation C) rate regulation D) statutory regulation

Economics