Tom and Jerry Have One Day to Work, but Two

question 135

Multiple Choice

Tom and Jerry have one day to work, but two tasks to focus on: building chairs and tables. If Tom spends all day building chairs, he will make 16 chairs. If he instead devotes his day to building tables, Tom will make 4 tables. If Jerry spends his day building chairs, he will make 14 chairs; if he spends the day building tables, he will make 7 tables. For Jerry, the opportunity cost of building a table is _____ chairs made.

• A) 14
• B) 7
• C) 4
• D) 2

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Definitions:

Perceptions of Fairness

Individual judgments about the appropriateness, justness, and equity of an action or decision, often relating to treatment by others.

Distribution and Exchange

The processes involved in the allocation of goods and services among individuals or groups, and the trading activities that facilitate this distribution.

Drives

Internal forces that motivate individuals towards certain actions or behaviors, often related to meeting basic physiological or psychological needs.

Primary Needs

Fundamental requirements essential for an individual's survival and well-being, such as food, shelter, and safety.