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

question 179

Multiple Choice

Use the following to answer question(s) : Production Possibilities for Machinery and Petroleum

-(Exhibit: Production Possibilities for Machinery and Petroleum) Assuming constant costs in the neighborhood of their current levels of production, the exhibit shows the number of units of machinery each country would have to forgo in order to produce the additional petroleum indicated.A terms-of-trade equation that could emerge as a result of trade between the two countries is:

• A) 1M = 2P.
• B) 1M = 4P.
• C) 1M = 6P.
• D) 1M = 8P.

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Definitions:

Weighted

Weighted refers to giving different elements in a data set or equation varying levels of importance or influence, often according to their relevance or significance.

Binary Relation

A mathematical concept describing a relation between two elements, typically in the context of sets.

Reflexive

pertains to relations where an element is always related to itself, or in social theories, where actions or processes mirror and affect each other within a system.

Transitive

In mathematics and logic, transitive refers to a relation where if relation A exists between B and C, and relation A exists between C and D, then the relation must also exist between B and D.