Refer to the Information Provided in Table 33

question 94

Multiple Choice

Refer to the information provided in Table 33.1 below to answer the question(s) that follow.
Table 33.1
-Refer to Table 33.1. In Guatemala, the opportunity cost of 1 bushel of bananas is

• A) 1/2 bushel of oranges.
• B) 1 bushels of oranges.
• C) 2 bushel of oranges.
• D) 4 bushels of oranges.

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Definitions:

Government Role

The activities undertaken by a government to regulate and administer economic, social, and political affairs.

Market System

An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Allocation of Resources

The distribution of scarce resources among various uses or people within an economy.

Economic Profits

The difference between a firm's total revenue and its total expenses, including both explicit and implicit costs.