Table 3-8 Assume That England and Spain Can Switch Between Producing Cheese

question 92

Multiple Choice

Table 3-8
Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.
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-Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then

• A)the slope of England's production possibilities frontier would be -0.67 and the slope of Spain's production possibilities frontier would be -0.5.
• B)the slope of England's production possibilities frontier would be -1.5 and the slope of Spain's production possibilities frontier would be -2.
• C)the slope of England's production possibilities frontier would be -.75 and the slope of Spain's production possibilities frontier would be -1.
• D)the slope of England's production possibilities frontier would be -2 and the slope of Spain's production possibilities frontier would be -.5.

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Definitions:

Standard Error

A statistic that measures the dispersion of sample means around the population mean.

Sample Mean

The arithmetic average of a sample set of data, used to estimate the population mean.

Normally Distributed

Describes a data set that follows a bell-shaped curve where most observations cluster around the mean and probabilities for values taper off symmetrically towards both extremes.

Standard Deviation

Standard deviation is a measure of the amount of variation or dispersion of a set of values, indicating how much the values in the set differ from the mean.