![True, False, Uncertain [18 marks - 6 marks each] Explain why each statement is true, false, or uncertain. 1. The opportunity cost of a point in the interior of the production possibilities set is equal to zero 2. If a country has absolute advantages in the production of all goods, then no trade will take 3. There is a commercial ban on trading ivory, but a black market has developed. Ivory from up because resources are being used efficiently. place. to 4,000 elephants is seized per year. If the objective is to minimize the number of elephants who are poached, then the confiscated ivory should be destroyed instead of sold.](http://img.homeworklib.com/questions/6e96e120-4702-11ea-b12d-5b01ff735aa2.png?x-oss-process=image/resize,w_560)
Homework Answers
a) "False"
Opportunity cost is the cost of the next best alternative the firm has given up to produce the present goods and it is defined in terms of the other good that we have given up. it is no point of the PPF but the hidden cost of producing the good.
b) "False"
Even when the nation has a comparative advantage in both the good they can still trade on the good in which they have a comparative advantage. A nation cannot have an comparative advantage in both the goods.
c) "True"
Selling will only increase the price and encourage the poachers to hunt more as they are getting a higher price for the same good. destroying it will send a message that they will face a loss if they are still selling ivory goods.
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