Figure: Drums and Shoes Given the Graph of the Production

question 62

Multiple Choice

Figure: Drums and Shoes Given the graph of the production possibilities frontier in the figure, which of the following statements is TRUE?

• A) The country has 2 units of labor, and it takes 0.5 units of labor to produce 1 unit of either good.
• B) The country has 3 units of labor, and it takes 1 unit of labor to produce 3 drums and 1 unit of labor to produce 3 1/3 pairs of shoes.
• C) The country has 4 units of labor, and it takes 2 units of labor to produce 8 drums and 3 units of labor to produce 3 shoes.
• D) The country has 5 units of labor, and it takes 1 unit of labor to produce 1.8 drums and 1 unit of labor to produce 2.5 shoes.

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Definitions:

Permanent Injunction

A court order that permanently prohibits or mandates specific actions by a party.

Market Value Ethics

The ethical considerations surrounding the determination and influence of the market value of goods and services.

Ethical Relativism

A system of ethical thought that says there is no objective or absolute standard of right and wrong.

Michael Sandel

An American political philosopher and professor, known for his writings on justice, ethics, and democracy.