Introduction to Microeconomics

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Refer to Table 2. The economy currently produces at point C. What is the opportunity cost of producing another 5 thousand tonnes of food?

5 thousand pieces of clothing

0%

18 thousand pieces of clothing

0%

14 thousand pieces of clothing

100%

2 thousand pieces of clothing

0%

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Refer to Table 1. If Canada and Brazil agree to trade 1 kg of meat for 4 kg of potatoes, which country will obtain all the gains from trade after the open trade?

Canada

100%

Brazil

0%✨

Canada and Brazil share the gains from trade equally

0%

None of the above

0%

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Refer to Table 1. How could Canada and Brazil both benefit?

They cannot benefit by specialization and trade.

0%

Canada specializes in meat and Brazil specializing in potatoes.

100%

Canada specializes in potatoes and Brazil specializing in meat.

0%

Canada specializes in neither good and Brazil specializes in both goods.

0%

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Refer to Table 1. What is the opportunity cost of 1 kg of potatoes for Brazil?

4 hours of labour

0%

4/5 kg of meat

100%

5/4 kg of meat

0%

5 hours of labour

0%

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Refer to Table 1. What is the opportunity cost of 1 kg of potatoes for Canada?

1/4 kg of meat

100%✨

2 hours of labour

0%

8 hours of labour

0%

4 kg of meat

0%

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Refer to Table 1. What is the opportunity cost of 1 kg of meat for Brazil?

4/5 kg of potatoes

0%✨

5/4 kg of potatoes

100%

4 hours of labour

0%

5 hours of labour

0%

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Refer to Table 1. What is the opportunity cost of 1 kg of meat for Canada?

4 hours of labour

0%

1/4 kg of potatoes

100%✨

1/4 hour of labour

0%

4 kg of potatoes

0%

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