At One Point Along a PPF, 50 Tons of Coffee

question 309

Multiple Choice

At one point along a PPF, 50 tons of coffee and 100 tons of bananas are produced. At another point along the same PPF, 30 tons of coffee and 140 tons of bananas are produced. The opportunity cost of a ton of coffee between these points is

• A) 7/5 of a ton of bananas per ton of coffee.
• B) 1/2 of a ton of bananas per ton of coffee.
• C) 5/7 of a ton of bananas per ton of coffee.
• D) 2 tons of bananas per ton of coffee.

Understand the fundamental attribution error and its effects on social judgment.

Comprehend the nature and consequences of stereotype threat on individuals' performance and behavior.

Identify the effects of positive illusions and self-serving biases on self-perception and interpersonal relations.

Recognize the importance of social comparison in forming self-concept and evaluating self-worth.

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Definitions:

Nonmanufacturing Cost

Expenses not directly involved in the production of goods, such as sales, marketing, and administrative costs.

Direct Materials Used

The raw materials that are directly incorporated into a finished product and can easily be traced to it.

Balance Sheet

A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time, showing its financial position.

Cost of Goods Sold

The expenses directly linked to the creation of a company's sold products, comprising both materials and labor.