Japan chose to increase the production of cars between 2000 and 2008. Assume that Japan did not experience any change in technology or factors of production during this time. What happened to the opportunity cost of producing cars as Japan continued to increase production? Assume specialized resources. The opportunity cost decreased. The opportunity cost changed ambiguously. The opportunity cost increased. The opportunity cost remained the same.
Japan chose to increase the production of cars between 2000 and 2008.
Assume that Japan did not experience any change in technology or factors of production during this time.
What happened to the
Assume specialized resources.
|
The opportunity cost decreased. |
||
|
The opportunity cost changed ambiguously. |
||
|
The opportunity cost increased. |
||
|
The opportunity cost remained the same. |
In 2018, Canada produced 1,500,000 delivery trucks and 500,000 cars.
In the same year, Japan produced 8,000,000 delivery trucks and 800,000 cars.
|
Japan has both the absolute and the |
||
|
Japan has the |
||
|
Canada has the absolute advantage and Japan has the comparative advantage in the production of cars. |
||
|
Canada has both the absolute and the comparative advantage in the production of cars. |
Since you have asked multiple question, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question. Thank you.
Opportunity cost represents the forgone benefits from the next best alternative.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
