Given the Information in the Table Above

question 16

Short Answer

Given the information in the table above. What is the opportunity cost of Cloth in terms of Widgets in Foreign?

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Definitions:

Exchange Rate

The price at which one currency can be exchanged for another currency.

Units

Refers to a measure of quantity or amount in a specified dimension such as length, mass, time, etc., or in the context of economics and finance, the smallest portion of a product or financial instrument.

Percent Saving

The percentage of the original price saved as a result of a discount or offer.

U.S. Border

The geographical boundary separating the United States from neighboring countries.