Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil(thousands of barrels) United States 80 40 Mexico 60 180 Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil (Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. Which statement is TRUE? Question 6 options: The opportunity cost of crude oil is higher in the United States than in Mexico. Tractor costs are the same in the United States and in Mexico. Crude oil costs are the same in the United States and in Mexico. The opportunity cost of crude oil is lower in the United States than in Mexico.
Table: Production Possibilities for Tractors and Crude Oil Country Tractors Crude Oil(thousands of barrels) United States 80 40 Mexico 60 180 Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil (Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. Which statement is TRUE? Question 6 options: The opportunity cost of crude oil is higher in the United States than in Mexico. Tractor costs are the same in the United States and in Mexico. Crude oil costs are the same in the United States and in Mexico. The opportunity cost of crude oil is lower in the United States than in Mexico.
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 31P: Review the numbers for Canada and Venezuela from Table 33.12 which describes how many barrels of oil...
Related questions
Question
Table: Production Possibilities for Tractors and Crude Oil
| Country | Tractors |
Crude Oil (thousands of barrels) |
|---|---|---|
| United States | 80 | 40 |
| Mexico | 60 | 180 |
Reference: Ref 8-5 Table: The Production Possibilities for Tractors and Crude Oil
(Table: The Production Possibilities for Tractors and Crude Oil) Use Table: The Production Possibilities for Tractors and Crude Oil. Which statement is TRUE?
Question 6 options:
|
|
The opportunity cost of crude oil is higher in the United States than in Mexico. |
|
|
Tractor costs are the same in the United States and in Mexico. |
|
|
Crude oil costs are the same in the United States and in Mexico. |
|
|
The opportunity cost of crude oil is lower in the United States than in Mexico. |
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