Use the accompanying table to answer the following questions.
Table 3-4

-Refer to Table 3-4. The opportunity cost of one unit of bread in Spain is:
A) four units of cheese
B) two units of cheese
C) one unit of cheese
D) 1/4 unit of cheese

Question

Use the accompanying table to answer the following questions.
Table 3-4
 
-Refer to Table 3-4. The opportunity cost of one unit of bread in Spain is:
A) four units of cheese 
B) two units of cheese 
C) one unit of cheese 
D) 1/4 unit of cheese

Quizplus · Accepted Answer

The opportunity cost of one unit of bread in Spain is four units of cheese because, according to Table 3-4, Spain can produce either 10 units of bread or 40 units of cheese. Therefore, to produce one unit of bread, Spain must give up the production of four units of cheese.

Use the Accompanying Table to Answer the Following Questions