Use the Following to Answer Question(s): Production Possibilities Schedule for Two

question 81

Multiple Choice

Use the following to answer question(s) : Production Possibilities Schedule for Two Commodities

-(Exhibit: Production Possibilities Schedule for Two Commodities) Assuming constant costs in the neighborhood of their current levels of production, the exhibit shows the number of units of commodity X each country would have to forgo to produce the additional units of commodity Y indicated.Further assume that the only input is labor and that it remains fully employed.If there is no trade between the United States and Canada, the costs of X and Y are such that:

• A) X is cheaper than Y in both the United States and Canada.
• B) Y is cheaper in the United States and X is cheaper in Canada.
• C) X costs the same amount as Y in the United States.
• D) X costs the same amount as Y in Canada.

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Definitions:

Product Line

A group of related products marketed under a single brand name that serves a particular market segment or fulfills a specific customer need.

Product Class

A category that groups products based on their function, consumer perceptions, or attributes, such as electronics or household goods.

Product Form

Pertains to variations of a product within the product class.

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Batteries that can be recharged by converting sunlight directly into electrical energy through photovoltaic cells.