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Question 8 Assume that country X produces two goods-sugar and shoes-and that the country's production possibility curve is "bowed-out." As the country produces more sugar the opportunity cost of sugar in terms of shoes foregone will:

Question 8 Assume that country X produces two goods-sugar and shoes-and that the country's production possibility curve is "bowed-out." As the country produces more sugar the opportunity cost of sugar in terms of shoes foregone will:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Question 8 Assume that country X produces two goods-sugar and shoes-and that the country's production possibility curve is "bowed-out." As the country produces more sugar the opportunity cost of sugar. in terms of shoes foregone will: O remain unchanged. O increase. decrease. initially increase and then decrease.. Question 9 A production possibilities curve that is a straight line represents the case of O constant costs. O constant opportunity costs but decreasing real costs. O constant opportunity costs but increasing real costs. O increasing costs. Question 10 If country A is relatively land-abundant and country B is relatively labor-abundant, the Heckscher- Ohlin theory predicts that country A will export textiles (a relatively labor-intensive good) and country B will export corn (a relatively land-intensive good). O True O False
Transcribed Image Text:Question 8 Assume that country X produces two goods-sugar and shoes-and that the country's production possibility curve is "bowed-out." As the country produces more sugar the opportunity cost of sugar. in terms of shoes foregone will: O remain unchanged. O increase. decrease. initially increase and then decrease.. Question 9 A production possibilities curve that is a straight line represents the case of O constant costs. O constant opportunity costs but decreasing real costs. O constant opportunity costs but increasing real costs. O increasing costs. Question 10 If country A is relatively land-abundant and country B is relatively labor-abundant, the Heckscher- Ohlin theory predicts that country A will export textiles (a relatively labor-intensive good) and country B will export corn (a relatively land-intensive good). O True O False
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