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If saudi arabia can produce either 45 barrels of oil or 70 bushels of wheat, what is the country's opportunity cost of producing 1 barrel of oil? round your answer to two decimals.

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Based on the fact that Saudi Arabia can either produce 45 barrels or 70 bushels, their opportunity cost for one barrel is 1.56 bushels

What is the opportunity cost for one barrel?

The opportunity cost for producing one barrel can be found by the formula:

= Number of bushels capable / Number of barrels

Solving gives:

= 70 / 45

= 1.56 bushels

Find out more on opportunity cost at https://brainly.com/question/481029

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