QUESTION 11 wine 90 80 70 60 50- 40- 30 20 10 0 PPF Portugal CPF +++ 0 10 20 30 40 50 60 cloth wine SERESSADO 90 80 70 60 50 40 30 20 10 England PPF CPF 0 0 10 20 30 40 50 60 cloth 11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in England, before trade begins? O (a) 1/2 yard of cloth O (b) 2 man-hours/bottle (c) 1 yard of cloth (d) 1/3 yard of cloth O(e) 3 yards of cloth
QUESTION 11 wine 90 80 70 60 50- 40- 30 20 10 0 PPF Portugal CPF +++ 0 10 20 30 40 50 60 cloth wine SERESSADO 90 80 70 60 50 40 30 20 10 England PPF CPF 0 0 10 20 30 40 50 60 cloth 11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in England, before trade begins? O (a) 1/2 yard of cloth O (b) 2 man-hours/bottle (c) 1 yard of cloth (d) 1/3 yard of cloth O(e) 3 yards of cloth
Chapter1: Making Economics Decisions
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11. If Portugal has 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost ) of wine in England, before trade begins?
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QUESTION 11
wine
90
80
70
60
50
40-
30
20
10+
0
PPF
Portugal
CPF
++
0 10 20 30 40 50 60
cloth
England
90
80
70
60
CPF
50
N
40
30
PPF
20
10-
wine
。 8 8 8 8
0 10 20 30 40 50 60
cloth
11. If Portugal has a total of 120 man-hours of resources available for production, while England has only 90, what is the relative price (opportunity cost) of wine in
England, before trade begins?
O (a) 1/2 yard of cloth
O (b) 2 man-hours/bottle
(c) 1 yard of cloth
(d) 1/3 yard of cloth
O(e) 3 yards of cloth
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Opportunity cost is the cost of production of one good in terms of other.
Opportunity cost shows the forgone units of one good in acquiring the other good.
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