Table 3-26 Assume That Japan and Korea Can Switch Between Producing Cars

question 271

Multiple Choice

Table 3-26
Assume that Japan and Korea can switch between producing cars and producing airplanes at a constant rate.
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-Refer to Table 3-26. Japan and Korea would not be able to gain from trade if Korea's opportunity cost of one car changed to

• A)1/5 airplane.
• B)1/3 airplane.
• C)3 airplanes.
• D)5 airplanes.

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Definitions:

Descriptive Statistics

Statistical procedures that summarize, present, and describe data sets in terms of properties like mean, median, and variance.

Least Squares Regression

A statistical method used to determine the line of best fit by minimizing the sum of the squares of the vertical distances of the points from the line.

Calories

Units of energy measurement used to quantify the energy that foods provide to the body.

Sugar

A sweet crystalline substance obtained primarily from sugarcane and sugar beet, used as a sweetener in food and drink.