Please refer to the figures above. 1) Looking at the figures, the opportunity co

Question

Please refer to the figures above.

1) Looking at the figures, the opportunity cost for Mexico to produce one ton of beef is _____.

A) 5 tons of vegetables

B) 4 tons of vegetables

C) 1/4 ton of vegetables

D) 20 tons of vegetables

2) The opportunity cost for Mexico to produce one ton of vegetables is _____.

A) 5 Tons of beef

B) 1/4 ton of beed

C) 4 tons of beef

D) 20 tons of beef

3) The opportunity cost for the US to produce one ton of beef is

A) 15 tons of vegetables

B) 2 tons of vegetables

C) 1/2 ton of vegetables

D) 30 tons of vegetables

4) The opportunity cost for the US to produce one ton of vegetables is _____.

A) 30 tons of beef

B) 2 tons of beef

C) 15 tons of beef

D) 1/2 ton of beef

5) Given the correct opportunity costs, the US had a comparative advantage in producing _____, and Mexico has a comparative advantage in producing_____.

A) Vegetables; beef

B) beef; vegetables

OUPUI Refer to the figures below and assume that both nations have the same inputs. United States 20G Un 15 C 10 H------ O 10 15 20 25 30 Beef (tons) RA. Logic Case Check my work

Explanation / Answer

1) Looking at the figures, the opportunity cost for Mexico to produce one ton of beef is:

B) 4 tons of vegetables

2) The opportunity cost for Mexico to produce one ton of vegetables is _____.

B) 1/4 ton of beef

3) The opportunity cost for the US to produce one ton of beef is:

C) 1/2 ton of vegetables.

4) The opportunity cost for the US to produce one ton of vegetables is ____

B) 2 tons of beef.

5) Given the correct opportunity costs, the US had a comparative advantage in producing _____, and Mexico has a comparative advantage in producing_____

B) Beef; vegetables.

*****

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