Question

Answer the question on the basis of the accompanying production possibilities tables for two countries, Latalia and Trombonia.

Latalia's production possibilities

A B C D E

Pork (Tons) 4 3 2 1 0

Beans (Tons) 0 5 10 15 20

Trombonia's production possibilities

A B C D E

Pork (Tons) 8 6 4 2 0

Beans (Tons) 0 6 12 18 24

Refer to the tables. In Latalia the domestic real cost of 1 ton of pork:

A) is 3 tons of beans.

B) diminishes with the level of pork production.

C) is 5 tons of beans.

D) is 1/5 of a ton of beans

Answer 1

The production possibility table shows that in Latalia the domestic real cost of 1 ton of pork is C. 5 tons of beans.

What is production?

It should be noted that production simply means the creation of goods and services for consumers.

In this case, production possibility table shows that in Latalia the domestic real cost of 1 ton of pork is 5 tons of beans. This is because 5 tons of beans will be sacrificed to produce the pork.

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