Which of the Following Is Not an Illustration of the Notion

question 12

Multiple Choice

Which of the following is not an illustration of the notion of opportunity cost?

• A)A growing economy can produce more ice cream and more ice cream cones at the same time.
• B)If I buy a pizza, I will not be able to afford a movie.
• C)Resources devoted to the production of computers are not available for the production of computer software.
• D)The land on which a Saskatchewan farmer plants wheat is not available for barley production.
• E)The more time it takes to commute to work, the less time is available for other activities.

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Definitions:

World Price

The global market price of a good or service when it is traded internationally.

Free Trade

The economic policy of not discriminating against imports from and exports to foreign jurisdictions, allowing goods to move across borders without regulatory or tariff barriers.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, underpinning the rationale for international trade.

Job Losses

The act of becoming unemployed due to factors like economic downturns, restructuring, or automation.