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The Data Given Is for Two Hypothetical Nations, Wat and Xat.The

question 161

Multiple Choice

The data given is for two hypothetical nations, Wat and Xat.The nations have the Production Possibilities Curves (PPC) for units of rice and corn as given below. The data given is for two hypothetical nations, Wat and Xat.The nations have the Production Possibilities Curves (PPC) for units of rice and corn as given below. Refer to the above data, in country Wat, the comparative cost of 1 unit of: A) rice is 3 units of corn. B) rice is <sup>1</sup>/<sub>3</sub> unit of corn and should not specialize in production of it if the two nations decide to trade with each other. C) corn is 5 units of rice. D) corn is <sup>1</sup>/<sub>5</sub> unit of rice. Refer to the above data, in country Wat, the comparative cost of 1 unit of:

Definitions:

Cost-benefit Principle

This refers to the economic principle that actions or decisions should be pursued only if the benefits outweigh the costs.

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