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The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correct statement. 1 Unit of Cheese Labor Input Land Input Multiple Choice 1 Unit of Bread 5 units 4 units 20 units 10 units O Production of bread is relatively land-intensive in the country. О The domestic price ratio in the country is two units of bread per unit of cheese. О The opportunity cost of producing an extra unit of bread is four units of cheese. Production of bread is relatively labor-intensive in the country.

The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correct statement. 1 Unit of Cheese Labor Input Land Input Multiple Choice 1 Unit of Bread 5 units 4 units 20 units 10 units O Production of bread is relatively land-intensive in the country. О The domestic price ratio in the country is two units of bread per unit of cheese. О The opportunity cost of producing an extra unit of bread is four units of cheese. Production of bread is relatively labor-intensive in the country.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter1: Welcome To Economics!
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Problem 10RQ: Give the three reasons that explain why the division of labor increases an economys level of...
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The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correct statement. 1 Unit of Cheese Labor Input Land Input Multiple Choice 1 Unit of Bread 5 units 4 units 20 units 10 units O Production of bread is relatively land-intensive in the country. О The domestic price ratio in the country is two units of bread per unit of cheese. О The opportunity cost of producing an extra unit of bread is four units of cheese. Production of bread is relatively labor-intensive in the country.
Transcribed Image Text:The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correct statement. 1 Unit of Cheese Labor Input Land Input Multiple Choice 1 Unit of Bread 5 units 4 units 20 units 10 units O Production of bread is relatively land-intensive in the country. О The domestic price ratio in the country is two units of bread per unit of cheese. О The opportunity cost of producing an extra unit of bread is four units of cheese. Production of bread is relatively labor-intensive in the country.
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