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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Microeconomics

ISBN: 9781108420969

15th Canadian Edition

Authors: Campbell R. Mcconnell, Stanley L. Brue, Sean M. Flynn, Thomas P. Barbiero

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