Use the following to answer questions:
-(Table: The Production Possibilities for Tractors and Crude Oil)Use Table: The Production Possibilities for Tractors and Crude Oil.In Canada,the opportunity cost of producing 30 000 barrels of crude oil is _____ tractors.

Question

Use the following to answer questions: 
-(Table: The Production Possibilities for Tractors and Crude Oil)Use Table: The Production Possibilities for Tractors and Crude Oil.In Canada,the opportunity cost of producing 30 000 barrels of crude oil is _____ tractors.

Quizplus · Accepted Answer

The opportunity cost is calculated by determining how many tractors could have been produced instead of the 30,000 barrels of crude oil. According to the table, producing 30,000 barrels of crude oil costs Canada 60 tractors.

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