5. Suppose that the opportunity-cost ratio for fish and lumber is 1F : 1L in Canada but...
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5. Suppose that the opportunity-cost ratio for fish and lumber is 1F : 1L in Canada but 2F : 1L in Iceland. Then _______ should specialize in producing fish while _______ should specialize in producing lumber. [LO19.1]
a. Canada; Iceland
b. Iceland; Canada
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Related Book For
Microeconomics
ISBN: 9781108420969
15th Canadian Edition
Authors: Campbell R. Mcconnell, Stanley L. Brue, Sean M. Flynn, Thomas P. Barbiero
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