Refer to Table 2.4. The opportunity cost of a chili in Ohio is:

the same as in Iowa.

1/4 unit of a cookie.

4 units of cookies.

1/8 unit of a cookie.

8 units of cookies.

The table given below represents the output per hour of cookies and chilies in Ohio and Iowa. Table 2.4 Output per Hour Cookies Chilies Ohio 6 24 Iowa 12 96 Refer to Table 2.4. The opportunity cost of a chili in Ohio is: O the same as in Iowa. O 1/4 unit of a cookie. O 4 units of cookies. O 1/8 unit of a cookie. O 8 units of cookies.A decrease in the quantity of available resources would be represented by: O a steeper PPC. O a point inside the PPC. O an inward shift of the PPC. O an upward movement along the PPC. O a downward movement along the PPC.If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to: O have a higher standard of living for its citizens than it would if it did not specialize and then trade. O have a lower standard of living for its citizens than it would if it did not specialize and then trade. O create as much wealth for its citizens as it could if it did not specialize and then trade. O benefit in the short run but incur heavy loss in the long run. O incur heavy loss in the short run and eventually cease production in the long run.Assume that the United States uses 20 workerhours to produoe 1 computer and 5 workerhours to produce 1 unit of food; assume also that Japan uses 10 workerhours to produoe 1 computer and 3E: workerhows to produce 1 unit of food. Which of the following statements is Ema? 0 Japan has the comparative advantage in food production. 0 The United States has the comparative advantage in food production. 0 The United States has a lower opportimitjr oost for making computers. 0 Japanhas a lower opportunityr cost for making food. Doctor Green grows cucumbers for home consumption. That activity is: O excluded from GDP to avoid double counting. O excluded from GDP because an intermediate good is involved. O excluded from GDP because no market transaction occurs. O included in GDP because it reflects production