Use the following to answer questions:
-(Table: Production Possibilities for Machinery and Petroleum) Look at the table Production Possibilities for Machinery and Petroleum. The opportunity cost in the United States of producing 30 units of petroleum is _____ units of machinery.

Question

Use the following to answer questions: 
-(Table: Production Possibilities for Machinery and Petroleum) Look at the table Production Possibilities for Machinery and Petroleum. The opportunity cost in the United States of producing 30 units of petroleum is _____ units of machinery.

Quizplus · Accepted Answer

The opportunity cost is calculated based on the production possibilities table. If producing 30 units of petroleum requires sacrificing 60 units of machinery, then the opportunity cost is 60 units of machinery.

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