Reference: Ref 2-9 (Figure: Countries a & B) Refer to the Figure

question 138

Multiple Choice

Reference: Ref 2-9 (Figure: Countries A & B) Refer to the figure regarding countries A &B. The opportunity cost of producing Good X in Country A is _____ and in Country B it is _____ meaning that Country _____ should specialize in producing Good X and Country _____ in Good Y.

• A) 2Y; 1Y; B; A
• B) 1/2Y; 1Y; B; A
• C) 1/2Y; 1Y; A; B
• D) 2Y; 1Y; A; B

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Definitions:

Social Proof

A tendency to conform to what we believe respected others think and do.

Lowball

A sales technique where an item or service is initially offered at a lower price than is actually intended to be charged, after which the price is raised to increase profits.

Disney Vault

A term referring to the practice by The Walt Disney Company of putting its films into moratorium, making them unavailable for purchase for a specified period.

Scarcity

A condition of limited resources available, making them more valuable or desirable.