12. Which of the following countries would you expect to have intertemporal production possibilities biased toward current consumption goods, and which biased toward future consumption goods?

a. A country like Argentina or Canada in the last century that has only recently been opened for large-scale settlement and is receiving large inflows of immigrants.

b. A country like the United Kingdom in the late 19th century or the United States today that leads the world technologically but is seeing that lead eroded as other countries catch up.

c. A country like Saudi Arabia that has discovered large oil reserves that can be exploited with little new investment.

d. A country that has discovered large oil reserves that can be exploited only with massive investment, such as Norway, whose oil lies under the North Sea.

e. A country like South Korea that has discovered the knack of producing industrial goods and is rapidly gaining on advanced countries.