Suppose That the Country of Utopia Produces Only Steel and Coffee.In

question 54

Multiple Choice

Suppose that the country of Utopia produces only steel and coffee.In 1998,Utopia produced 900 tons of steel and 500 pounds of coffee,while in 1999,it produced 1,000 tons of steel and 550 pounds of coffee.Assume that no technological changes occurred in the production of either good and the resource endowment of Utopia did not change.Which of the following is true?

• A) Utopia's opportunity cost of producing additional steel is 50 pounds of coffee.
• B) Utopia's production must have been productively inefficient in 1998.
• C) Utopia's opportunity cost of producing additional steel is 1/2 pound of coffee per ton of steel.
• D) Utopia's opportunity cost of producing additional coffee is 100 tons of steel.
• E) The production point in 1998 was unattainable given then-current resources and technology.

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Definitions:

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep-wake cycles.

Insulin

A hormone produced by the pancreas that regulates blood sugar levels, allowing your body's cells to absorb glucose as energy.

Brains

are the complex organs located in the skulls of vertebrates, functioning as the center of the nervous system, controlling thought, memory, emotion, touch, motor skills, vision, breathing, temperature, hunger, and every process that regulates our body.

Virtually Identical

Being nearly the same in every way, especially in appearance or quality.