Table 3-7 Assume That Japan and Korea Can Switch Between Producing Cars

question 169

Multiple Choice

Table 3-7
Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate.

-Refer to Table 3-7.Japan's opportunity cost of one car is

• A) 1/5 airplane and Korea's opportunity cost of one car is 1/3 airplane.
• B) 1/5 airplane and Korea's opportunity cost of one car is 3 airplanes.
• C) 5 airplanes and Korea's opportunity cost of one car is 1/3 airplane.
• D) 5 airplanes and Korea's opportunity cost of one car is 3 airplanes.

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Definitions:

Termination

The act of ending or concluding something, such as a contract, employment, or agreement.

Misrepresentation

Deliberately providing false information to another party, leading them to make decisions they otherwise wouldn't have.

Reliance

In legal terms, it refers to the act of trusting or acting based on the promises or statements of another party, often relevant in contract law.

Marshaling of Assets

A legal principle requiring the fair and orderly distribution of a debtor's assets among creditors, especially when the debtor has multiple debts secured by the same assets.