The Table Given Below Shows the Number of Labor Hours

question 12

Multiple Choice

The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. Calculate the opportunity cost of producing an umbrella in the Rest of the World. $$\begin{array} { | c | c | c | } \hline \text { Labor hours to make: } & \text { In the Urited Kingdorn } & \text { In the Rest of the World } \\\hline \text { l umbrella } & 3.00 & 2.00 \\\hline \text { 1 bushel of corn} & 1.00 & 0.25 \\\hline\end{array}$$

• A)1/8 of a bushel of corn
• B)1/3 of a bushel of corn
• C)3 bushels of corn
• D)8 bushels of corn

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Definitions:

Qualitative

Pertaining to descriptions or distinctions based on qualities rather than on quantity or numerical measurements.

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An organization's strategy that combines all of its marketing goals into one comprehensive plan, leveraging its resources to provide a competitive edge.

Diversified

The quality of having a wide variety or range of different things or activities.

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture.