A Country Produces Only Apples and Bananas

question 258

Multiple Choice

A country produces only apples and bananas.Moving from point A to point B along its production possibilities frontier,5 apples are gained and 4 bananas are forgone.What is the opportunity cost of an apple?

• A) 4 bananas
• B) 5/4 of a bananas
• C) 4/5 of a banana
• D) 1 apple
• E) None of the above answers is correct.

---

Definitions:

Recent Years

Refers to the period encompassing the last few years leading up to the current date, typically indicating a focus on contemporary or near-past events or trends.

Contractual Obligation

A contractual obligation is a legal duty derived from a contract, requiring a party to perform or refrain from performing certain actions.

Expanded Audit

An in-depth examination or review that extends beyond standard auditing practices, often involving a comprehensive scrutiny of financial records and business operations.

Generally Accepted Auditing Standards

A set of systematic guidelines used by auditors when conducting audits on companies' finances, ensuring the accuracy, consistency, and verifiability of auditors' actions and reports.