Table 3-31 ​

question 387

Multiple Choice

Table 3-31
​
-Refer to Table 3-31. For the rancher, the opportunity cost of 16 pounds of meat is

• A)4.0 pounds of potatoes.
• B)5.2 pounds of potatoes.
• C)6.4 pounds of potatoes.
• D)9.6 pounds of potatoes.

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Definitions:

U.S. Economic Activity

The total production, distribution, and consumption of goods and services within the United States, reflecting the health of the nation's economy.

Cost of Goods Manufactured

The total production cost of goods completed during a specific period, including costs of materials, labor, and overhead.

Finished Goods Inventory

Represents the value of a company's completed products ready for sale but not yet sold at the end of an accounting period.

Occupancy Rate

The ratio or percentage of occupied spaces to the total number of available spaces in a facility, such as a hotel or apartment complex.