Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 10 0 Quantity of Lumber (millions of board feet) 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 2 0 Quantity of Lumber (millions of board feet) 0 12 Reference: Ref 8-3 Table: Production Possibilities for the United States and Canada (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. In _____, the opportunity cost of _____ cars is _____ board feet of lumber. Question 2 options: Canada; 1 million; 6 million Canada; 1 million; 166,000 the United States; 1 million; 10 million the United States; 10 million; 1 million

Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 10 0 Quantity of Lumber (millions of board feet) 0 10 Canada Production Possibilities One Possibility Another Possibility Quantity of Cars (Millions) 2 0 Quantity of Lumber (millions of board feet) 0 12 Reference: Ref 8-3 Table: Production Possibilities for the United States and Canada (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. In ___, the opportunity cost of _ cars is ___ board feet of lumber. Question 2 options: Canada; 1 million; 6 million Canada; 1 million; 166,000 the United States; 1 million; 10 million the United States; 10 million; 1 million

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 5SCQ: How can there be any economic gains for a country from both importing and exporting the same good,...

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U.S. Production Possibilities	One Possibility	Another Possibility
Quantity of Cars (Millions)	10	0
Quantity of Lumber (millions of board feet)	0	10
Canada Production Possibilities	One Possibility	Another Possibility
Quantity of Cars (Millions)	2	0
Quantity of Lumber (millions of board feet)	0	12

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Table: Production Possibilities for the United States and Canada U.S. Production Possibilities One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) Canada Production Possibilities 10 10 One Possibility Another Possibility Quantity of Cars (millions) Quantity of Lumber (millions of board feet) 12 (Table: Production Possibilities for the United States and Canada) Use Table: Production Possibilities for the United States and Canada. has/have an absolute advantage in producing cars. The United States Both the United States and Canada Canada Neither the United States nor Canada