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.
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 9SQ
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 |
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Tractor costs are the same in the United States and in Mexico. |
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Crude oil costs are the same in the United States and in Mexico. |
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The opportunity cost of crude oil is lower in the United States than in Mexico. |
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