SCENARIO: CHILE AND ARGENTINA

question 157

Multiple Choice

SCENARIO: CHILE AND ARGENTINA
Chile and Argentina each produce jellybeans and peanut butter, using
Labor as their only resource.Each country has 1,000 hours of labor.In
Chile, an hour produces a pound of jellybeans and 2 hours produce a
Pound of peanut butter.In Argentina, an hour produces a pound of
Jellybeans and 3 hours produces a pound of peanut butter.When they do
Not trade with each other, Chile consumes 600 pounds of jellybeans and
200 pounds of peanut butter, and Argentina consumes 400 pounds of
Jellybeans and 200 pounds of peanut butter.
Reference: Ref 2­10
(Scenario: Chile and Argentina) What is the opportunity cost of a pound
Of peanut butter in Chile?

• A)2 pounds of jellybeans per pound of peanut butter
• B)3 pounds of jellybeans per pound of peanut butter
• C)1/3 pound of jellybeans per pound of peanut butter
• D)1/2 pound of jellybeans per pound of peanut butter

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Definitions:

Independent Variables

Factors in a study or simulation that are adjusted or classified to assess their impact on outcome measures.

Significance Level

A threshold within which the results of a statistical test are deemed statistically significant, often denoted as alpha (α), with common values like 0.05 or 0.01.

Critical Value

A location within the test distribution measured against the test statistic to determine the rejection of the null hypothesis.

Regression Slope Coefficient

A measure in regression analysis that quantifies the change in the dependent variable for a one unit change in an independent variable.