Reference: Ref 2-1 (Table: IPhone and IPod Production) According to the Table

question 68

Multiple Choice

Reference: Ref 2-1 (Table: iPhone and iPod Production) According to the table on iPhone and iPod Production, the opportunity cost of producing one iPhone is:

• A) 4/3 of one iPod for Canada, and two iPods for the United States.
• B) two iPods for Canada, and four iPods for the United States.
• C) 3/4 of one iPod for Canada, and one iPod for the United States.
• D) one iPod for Canada, and 3/4 of one iPod for the United States.

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 (impossibility) and 1 (certainty).

Notation P(A)

In probability theory, a notation representing the probability of event A occurring.

Precision

The quality of being exact, accurate, and carefully defined.

Probability

The measure of the likelihood that an event will occur.