Use the Production Possibilities Data Below to Answer the Following

question 141

Multiple Choice

Use the production possibilities data below to answer the following question(s) .
Table 2-3

-Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is

• A) 5 hours of labor.
• B) 4 hours of labor.
• C) 5/4 pounds of meat.
• D) 4/5 pound of meat.

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Definitions:

Potential Crises

Refers to situations or events that have the capacity to lead to an emergency or a critical condition, requiring immediate attention to prevent or mitigate disaster.

Unforeseeable

Impossible to predict or anticipate due to lack of information or inherent unpredictability.

Satisficing

A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution, due to limitations in time, resources, or information.

Optimal

describes the most advantageous condition or level of efficiency that can be achieved under specific circumstances.