Country Lumber Production (using 50 worker hours) Oil Production (using 50 worker hours) United States Canada 100 200 150 50 Based on the above, the opportunity cost for the U.S. to produce one foot of lumber is barrels of oil. a) 1 b) 2 c) 1.5 d) 0.5
Country Lumber Production (using 50 worker hours) Oil Production (using 50 worker hours) United States Canada 100 200 150 50 Based on the above, the opportunity cost for the U.S. to produce one foot of lumber is barrels of oil. a) 1 b) 2 c) 1.5 d) 0.5
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Country
Lumber Production
(using 50 worker hours)
Oil Production
(using 50 worker hours)
United States
Canada
100
200
150
50
Based on the above, the opportunity cost for the U.S. to produce one foot of lumber
is barrels of oil.
a) 1
b) 2
c) 1.5
d) 0.5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a3c1764-935d-4f07-a873-e76e151cf6b5%2F0739aa59-cf1b-4244-bfcd-14e9fdc2d020%2Fwndjt7k_processed.png&w=3840&q=75)
Transcribed Image Text:Country
Lumber Production
(using 50 worker hours)
Oil Production
(using 50 worker hours)
United States
Canada
100
200
150
50
Based on the above, the opportunity cost for the U.S. to produce one foot of lumber
is barrels of oil.
a) 1
b) 2
c) 1.5
d) 0.5
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