Use the Following to Answer Question

question 7

Multiple Choice

Use the following to answer question:
-(Figure: Wine and Wheat) Use Figure: Wine and Wheat.The opportunity cost of moving from producing ONLY wheat to producing at point D is _____ tons of wheat.

• A)3
• B)6
• C)9
• D)15

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Definitions:

Gains From Trade

The net benefits that individuals, companies, or countries obtain by voluntarily exchanging goods or services with one another.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, using fewer resources.

Specialize

To concentrate on a particular area of study, work, or production, often to gain higher proficiency or efficiency.

Shirt

A shirt is a garment covering the upper body, with sleeves and typically a collar and buttons down the front, worn by both men and women.