Use the Following Scenario to Answer Thefollowing Questions

question 103

Multiple Choice

Use the following scenario to answer thefollowing questions:
An economy has two workers,Smith and Ricardo.Each day they work,Smith can produce 4 computers or 16 smartphones,and Ricardo can produce 6 computers or 12 smartphones.
-The opportunity cost for Ricardo to produce one computer is ________ smartphone(s) .

• A) one-quarter of a
• B) one-half of a
• C) one
• D) two
• E) four

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Definitions:

Shift Right

In economics, a term used to describe the movement of a supply or demand curve to the right, indicating an increase in supply or demand.

Decreases in Value

A reduction in the worth or price of an asset or commodity.

Foreign Currencies

Money or other forms of legal tender issued by countries other than one's own, used in international trade and finance transactions.