Suppose that the opportunity-cost ratio for fish and lumber is 1F 1L in Canada but 2F

Question:

Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland. Then ______ should specialize in producing fish while should specialize in producing lumber.

a. Canada; Iceland

b. Iceland; Canada

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Macroeconomics

ISBN: 9781264112456

22nd Edition

Authors: Campbell McConnell, Stanley Brue, Sean Flynn

See More Books

Question Posted: Mar 02, 2024 01:00 PM

See More Questions

Consider you are a Software Engineer the task given by the manager to prepare a SRS (Use any Standard template) for any application. Mention their steps. Define their outline, product purpose, how to...
1. Based on the information provided in the case below, what is the key strategic goal for Tim Hortons as of August 2014? It would be a year of dramatic change for Tim Hortons Inc. On August 26,...
Assume that there are two countries, A and B, that produce two goods, X and Y, with the following production possibilities: Country A can produce 120 units of good X or 80 units of good Y with all of...
print_list Favorite Language/Type: Author: Write a function named print_list that accepts a list of integers as a parameter and prints them, one per line, in the format shown. Your code should work...
The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including the notes to the financial statements, is available online. Instructions a. What...
For the system shown in Figure P5.12, find the output, c(t), if the input, r(t), is a unit step. R(s) E(s) 4 C(s) s(s + 3) FIGURE P5.12
Show that if $\mu_{i}=\mu+\alpha_{i}$ and $\mu$ is the mean of the $\mu_{i}$, it follows that \[\sum_{i=1}^{k} n_{i} \alpha_{i}=0\]
Journal entries for prepaid rent ABB Group (ABB), headquartered in Switzerland, is one of the worlds largest engineering companies. ABB applies U.S. GAAP, and reports its results in millions of U.S,...
Moving Up Chemical Productions Pty Ltd ('the company') holds an environment protection licence ('EPL') under the Protection of the Environment Operations Act 1997 (NSW) ('the POEO Act') in relation a...
Suppose that the opportunity-cost ratio for watches and cheese is 1C 1W in Switzerland but 1C 4W in Japan. At which of the following international exchange ratios (terms of trade) will Switzerland...
In 2018, manufacturing workers in the United States earned average compensation of $21.86 per hour. That same year, manufacturing workers in Mexico earned average compensation of $3.20 per hour. How...
Use the definition of a hyperbola to derive the standard form of the equation of a hyperbola. (The absolute value of the difference of the distances from a point (x, y) to the foci is 2a.)
When reading a balance sheet, is the "average inventory" a ratio that should be calculated or is it a given number in the balance sheet under "inventories"? Balance Sheet Accounts and notes...
The U.S. Supreme Court considered the research on the adolescent brain when it barred the death penalty for crimes committed by adolescents under the age of 18 and also banned life sentences without...
Multiply and leave your answer in scientific notation. (2 x 107) (2 x 105) =
To complete the film assignment using Conversation on the Constitution , paper of approximately 1000 words ( 12 point font, proper citations to any works cited in the paper) using the following...
Sorra Corporation's records included the following shareholders' equity accounts: shares Preference Shares, par value P150, authorized 20,000 Share Premium-Preference Ordinary Shares, no-par, P50...
BOND PREMIUM AMORTIZATION Fields Company sold an issue of $800,000, 10%, 10-year bonds for $852,032 on March 1. The interest is payable semiannually on September 1 and March 1. The market rate of...
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of...
In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of...
In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of...
How do Conceptual artists navigate the tension between the intangible nature of their ideas and the necessity of material representation in order to communicate their conceptual concepts effectively ?
1 1 1 1 Let A = + + + + 1+sin 1 2+ sin 2 3+ sin 3 n + sin n : ne N}. (a) Is A bounded? Is A closed? Is A compact? Justify your answers. < (b) Find an open cover of A with no finite subcover, if...
what ways does Conceptual art prioritize the conceptual framework over the physical manifestation of the artwork, and how does this emphasis influence the viewer's engagement with the piece ?

Suppose that the opportunity-cost ratio for fish and lumber is 1F 1L in Canada but 2F

Question:

Step by Step Answer:

b Iceland Canada In economics the opportunity cost ratio represents the relativ...View the full answer

Macroeconomics

Students also viewed these Business questions