A) Calculate the opportunity cost of : - Increasing production of food from 20 to 30 million units. - Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing. Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?
A) Calculate the opportunity cost of : - Increasing production of food from 20 to 30 million units. - Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing. Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
A) Calculate the
- Increasing production of food from 20 to 30 million units.
- Increasing production of clothing from 22 to 60 million units
B) The country wants to produce 85 million units of food and 40 million units of clothing. Is this possible? What point is this called?
C) State TWO (2) ways how they can achieve this point (B) in the future.
D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?
Transcribed Image Text:Food (millions of units) Clothing (millions of units)
70
10
67
20
64
30
60
40
56
50
50
60
40
70
22
80
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