The table shows the production possibilities of a small Pacific island economy. Possibility Fish Berries (pounds) (pounds) A 0 and 20 B 1 and 18 C 2 and 15 D 3 and 11 E 4 and 6 F 5 and 0 If the islanders change production from possibility C to possibility D , they ________. A. get a free lunch of 1 pound of fish and don't incur an opportunity cost B. face a tradeoff and incur an opportunity cost of 1 pound of fish C. gain 4 pounds of berries and give up 1 pound of fish D. face a tradeoff and incur an opportunity cost of 4 pounds of berries screenshot attached
The table shows the production possibilities of a small Pacific island economy. Possibility Fish Berries (pounds) (pounds) A 0 and 20 B 1 and 18 C 2 and 15 D 3 and 11 E 4 and 6 F 5 and 0 If the islanders change production from possibility C to possibility D , they ________. A. get a free lunch of 1 pound of fish and don't incur an opportunity cost B. face a tradeoff and incur an opportunity cost of 1 pound of fish C. gain 4 pounds of berries and give up 1 pound of fish D. face a tradeoff and incur an opportunity cost of 4 pounds of berries screenshot attached
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The table shows the production possibilities of a small Pacific island economy.
|
Possibility
|
Fish
|
Berries
|
|
|---|---|---|---|
|
(pounds)
|
(pounds)
|
||
|
A
|
0
|
and
|
20
|
|
B
|
1
|
and
|
18
|
|
C
|
2
|
and
|
15
|
|
D
|
3
|
and
|
11
|
|
E
|
4
|
and
|
6
|
|
F
|
5
|
and
|
0
|
If the islanders change production from possibility
C
to possibility
D
,
they ________.
A.
get a free lunch of 1 pound of fish and
don't incur an opportunity cost
B.
face a tradeoff and incur an opportunity cost of 1 pound of fish
C.
gain 4 pounds of berries and
give up 1 pound of fish
D.
face a tradeoff and incur an opportunity cost of 4 pounds of berries
screenshot attached
Transcribed Image Text:The table shows the production possibilities of a small Pacific island economy.
Fish
Possibility (pounds)
0
1
2 and
and
and 6
and 0
A
B
C
D
m st
4
Berries
(pounds)
5
and 20
and
18
15
11
E
F
If the islanders change production from possibility Cto possibility D, they
O A. get a free lunch of 1 pound of fish and don't incur an opportunity
cost
B.
face a tradeoff and incur an opportunity cost of 1 pound of fish
C.
gain 4 pounds of berries and give up 1 pound of fish
O
D. face a tradeoff and incur an opportunity cost of 4 pounds of
berries
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education