Figure 25 Alt Text for Figure 2

question 298

Multiple Choice

Figure 2.5 Alt text for Figure 2.5: In figure 2.5, a graph compares paper and steel production.
Long description for Figure 2.5: The x-axis is labelled, steel in millions of tons and the quantities 14, 16, 19, and 20 are marked.The y-axis is labelled, paper in millions of tons, and the quantities 4, 9, and 11 are marked.Points Y(14, 9) , W(16, 9) , (19, 4) , and an unnamed point (14, 11) are plotted on the graph, and joined to the respective axes using dotted lines.A concave curve is drawn from the y-axis to the x-axis, passing through the unnamed point (14, 11) , and points W(16, 9) , and X(19, 4) .Point Y is between the curve and the axes.
-Refer to Figure 2.5. If this economy is currently considering switching from point X to point W, what is the opportunity cost of each newly produced ton of paper?

• A)0.6 tons of steel
• B)3 tons of steel
• C)1.67 tons of paper
• D)5 tons of paper.

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Definitions:

Exchange Rate Changes

Fluctuations in the value of one currency relative to another, affecting international trade and investments.

Japanese Yen

The official currency of Japan, commonly abbreviated as JPY.

Japanese Automakers

Automotive manufacturers based in Japan, known for their innovation, efficiency, and reliability in the global car market.

Spot Trade

A transaction that involves the immediate exchange of one commodity or currency for another at the current market price.