The Following Data Outline Production Choices (A or B) in Two

question 43

Multiple Choice

The following data outline production choices (A or B) in two nations, Landia and Scandia. Landia has a workforce of 12 and Scandia has a workforce of 10.

$$\begin{array} { | l | c | c | c | c | c | c | } \hline { \text { Output per worker in Landia } } & & && { \text { Output per worker in Scandia } } \\\hline & \mathrm { A } & \mathrm { B } & & & \mathrm { A } & \mathrm { B } \\\hline \text { Fish } & 8 & 0 & & \text { Fish } & 16 & 0 \\\hline \text { Chips } & 0 & 40 & & \text { Chips } & 0 & 48 \\\hline\end{array}$$

-The opportunity cost of 1 fish in Landia is:

• A)10 chips
• B)2 chips
• C)4 chips
• D)8 chips
• E)5 chips

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Definitions:

Estoppel

A rule whereby a person may not deny the truth of a statement of fact made by him or her when another person has relied and acted upon the statement.

Consideration

The benefit or value that must be exchanged between parties to form a valid contract.

Common Law

A legal system based on precedent and court decisions rather than written laws or statutes.

Statute Law

Law enacted by a legislative body, such as a parliament or congress, officially documented and codified.