Table 16.4
Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina.
-In Table 16.4, the opportunity costs for France to produce one unit of wine in terms of beef is

Question

Table 16.4
  Table 16.4 gives the quantities of output that can be produced with the full amount of resources in each of two countries, France and Argentina.
-In Table 16.4, the opportunity costs for France to produce one unit of wine in terms of beef is

Quizplus · Accepted Answer

The opportunity cost of producing one unit of wine in terms of beef is the amount of beef that must be given up to produce one more unit of wine. If France's opportunity cost is 1/2, it means France gives up 0.5 units of beef to produce one unit of wine.

Table 16.4 Table 16.4 Gives the Quantities of Output That