Author Question: If a laborer in Mexico can produce 2 bushels of wheat or 4 bushels of corn in a day, the opportunity ... (Read 164 times)

notis · **on:** Jun 30, 2018

If a laborer in Mexico can produce 2 bushels of wheat or 4 bushels of corn in a day, the opportunity cost of producing wheat is 4 bushels of corn.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A new U.S. import quota on imported steel would be likely to:
a. reduce the cost of production to steel-using American firms.
b. generate tax revenue to the government.
c. increase U.S. production of steel.
d. increase the production of steel-using American firms.