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

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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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
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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