Question :
51) Refer to Table 33-3. The opportunity cost of one : 1384518
51) Refer to Table 33-3. The opportunity cost of one bushel of soybeans in Mexico is
A) 3 barrels of oil.
B) 0.33 barrels of oil.
C) 0.4 bushels of soybeans.
D) indicative of Mexico’s comparative advantage in soybean production.
E) lower than the opportunity cost of soybeans in Canada.
52) Refer to Table 33-3. Canada has an absolute advantage in the production of
A) soybeans.
B) oil.
C) neither soybeans nor oil.
D) both soybeans and oil.
53) Refer to Table 33-3. If Canada were to transfer half a unit of resources from oil to soybeans and Mexico were to transfer one unit of resources from soybeans to oil, the effect on the total output of the two countries would be as follows:
A) soybean production would increase by 30 bushels.
B) soybean production would increase by 6 bushels and oil production would increase by 3 barrels.
C) soybean production would increase by 36 bushels and oil production would decrease by 2 barrels.
D) oil production would increase by 8 barrels.
E) soybean production would increase by 6 bushels and oil production would increase by 2.02 barrels.
54) Refer to Table 33-3. Mexico would not gain by producing and exporting oil and importing soybeans unless it received
A) any quantity of soybeans.
B) 2 bushels of soybeans per barrel of oil.
C) more than 3 bushels of soybeans per barrel of oil.
D) more than 6 bushels of soybeans per barrel of oil.
E) more than 10 barrel of oil.
55) Refer to Table 33-4. The opportunity cost of a bale of cotton in Peru is
A) 1/6 bushel of cocoa beans.
B) 1/2 bushel of cocoa beans.
C) 2/3 bushel of cocoa beans.
D) 2 bushels of cocoa beans.
E) 4 bushels of cocoa beans.
56) Refer to Table 33-4. The opportunity cost of a bale of cotton in Brazil is
A) 4 bushels of cocoa beans.
B) 6 bushels of cocoa beans.
C) 1/6 bushels of cocoa beans.
D) 1 bushel of cocoa beans.
E) 2 bushels of cocoa beans.
57) Refer to Table 33-4. The opportunity cost of a bushel of cocoa beans in Peru is
A) 1/2 bale cotton.
B) 1 bale cotton.
C) 1/6 bale cotton.
D) 1/3 bale cotton.
E) 2/3 bale cotton.
58) Refer to Table 33-4. The opportunity cost of a bushel of cocoa beans in Brazil is
A) 1/2 bale cotton.
B) 1 bale cotton.
C) 1/6 bale cotton.
D) 1/3 bale cotton.
E) 2/3 bale cotton.
59) Refer to Table 33-4. Compared with Peru, Brazil has
A) a comparative but not absolute advantage in the production of cocoa beans.
B) an absolute and a comparative advantage in the production of cocoa beans.
C) an absolute, but not a comparative, advantage in the production of cocoa beans.
D) an absolute advantage in the production of cotton.
E) an absolute and a comparative advantage in the production of cotton.
60) Refer to Table 33-4. If one unit of resources is shifted from cotton to cocoa beans in Brazil, and one unit of resources is shifted from cocoa beans to cotton in Peru, world output would increase by
A) 2 bales of cotton.
B) 1 bale of cotton and 2 bushels of cocoa beans.
C) 6 bushels of cocoa beans.
D) 3 bales of cotton and 10 bushels of cocoa beans.
E) 2 bales of cotton and 1 bushel of cocoa beans.
