Table 3-8 Assume That England and Spain Can Switch Between Producing Cheese

question 545

Multiple Choice

Table 3-8
Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.
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-Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities frontier for Spain. If we were to do this, measuring bread along the horizontal axis, then

• A)the slope of England's production possibilities frontier would be -0.67 and the slope of Spain's production possibilities frontier would be -0.5.
• B)the slope of England's production possibilities frontier would be -1.5 and the slope of Spain's production possibilities frontier would be -2.
• C)the slope of England's production possibilities frontier would be -.75 and the slope of Spain's production possibilities frontier would be -1.
• D)the slope of England's production possibilities frontier would be -2 and the slope of Spain's production possibilities frontier would be -.5.

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Definitions:

Reasonable Means

Methods or actions that are considered fair, sensible, and appropriate given the circumstances.

UCC

Stands for the Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.

Communication

The process of exchanging information, ideas, thoughts, and feelings through spoken words, writing, signals, or behavior.

Mirror Image Rule

A principle in contract law that demands an acceptance must exactly match the terms of the offer for a valid contract to be formed.