Refer to the diagrams. The solid lines are production possibilities curves; the dashed lines are trading possibilities curves. The data suggest that:
A. West Lothian should specialize in, and export, beer.
B. both countries will be better off if they do not engage in specialization and trade involving
these two products.
C. West Lothian should specialize in, and export, pizza.
D. East Lothian should specialize in, and export, beer.
A. West Lothian should specialize in, and export, beer.
Economics
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Refer to Table 2-9. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
Economics
If a 1 percent increase in price leads to a .7 percent increase in quantity supplied in the short run, the short-run supply curve is
a. elastic. b. inelastic. c. unit elastic. d. perfectly inelastic.
Economics