To be efficient, outputs should be produced that minimize total cost

In the above figure, what is the opportunity cost of one bushel of corn?

A) 1 bushel of soybeans B) 0.5 bushel of soybeans C) 2 bushels of soybeans D) unable to determine

From the perspective of the United States, a reduction in the nominal exchange rate will cause which of the following?

A) The dollar becomes more expensive to foreigners. B) Foreign goods are less expensive to Americans. C) Foreign currency is less expensive to Americans. D) American goods are less expensive to foreigners. E) none of the above