Multiple Choice
Graph 3-1
These figures illustrate the production possibilities frontiers for Robinson Crusoe and Friday with 12 hours of labour.
-Refer to Graph 3-1.For Friday, the opportunity cost of 1 kg of coconuts is:
A) 2/3 kg of fish
B) 3 kg of fish
C) 1 kg of fish
D) 2 kg of fish
Correct Answer:
Verified
Correct Answer:
Verified
Q111: Table 3-1<br> <span class="ql-formula" data-value="\begin{array}{|l|c|c|c|c|}\hline&\text
Q112: Adam Smith:<br>A)was one of the first scholars
Q113: Trade is likely to:<br>A)lead to self-sustaining countries<br>B)reduce
Q114: Graph 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8859/.jpg" alt="Graph 3-2
Q115: Comparative advantage is based on:<br>A)capital costs<br>B)labour costs<br>C)dollar
Q117: Graph 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8859/.jpg" alt="Graph 3-2
Q118: Imports arise because:<br>A)the importing country can produce
Q119: Graph 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8859/.jpg" alt="Graph 3-2
Q120: The principle of comparative advantage was developed
Q121: Differences in opportunity cost and comparative advantage