-Use the Above Table

question 288

Multiple Choice

-Use the above table. Assuming constant opportunity costs, the opportunity cost of producing knives in country Alpha is ________, and the opportunity cost of producing knives in country Beta is ________.

• A)2 forks; 0.33 knife
• B)0.5 knife; 3 forks
• C)1.5 forks; 0.25 fork
• D)0.67 fork; 4 forks

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Definitions:

World Trade Organization

An international organization that regulates international trade, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.

Imports

Goods or services brought into one country from another for sale.

Quota

A set limit or target, often in the contexts of sales or production, that a person or organization is expected to achieve.

Metric Tons

A unit of mass equivalent to 1,000 kilograms or approximately 2,204.6 pounds.