The data below show the total production (in millions)of the only two goods produced in the countries of Carleton and Cumbria.
a)What is the opportunity cost of a binocular in Carleton?
b)What is the opportunity cost of a camera in Cumbria?
c)If,before trade,each country was devoting half its resources to producing each product,what is the total amount they were both producing?
d)If the two countries were to specialize in producing the product they do best,what would be the total amount they could produce?
e)What are the total gains as a result of specialization?
Definitions:
Q1: Economics is relevant because<br>A)economists have all the
Q12: In a growing business,negative cash flow from
Q29: Which of the following trade credit terms
Q29: Refer to the graph above to answer
Q62: Which of the following is TRUE about
Q76: Under what circumstances might an illegal market
Q85: If income elasticity is positive,we could conclude
Q111: What is a normal product?<br>A)It is a
Q162: Refer to Table 2.11 to answer this
Q167: Which of the following pairs of products