Table 3-4 -Refer to Table 3-4

question 46

Multiple Choice

Table 3-4
$\begin{array}{|l|c|c|c|c|}\hline&\text { Labour hours needed to make one unit of: }&&\text { Amount Produced in } 40 \text { hours: }\\\hline & \text { Cheese } & \text { Bread } & \text { Cheese } & \text { Bread } \\\hline \text { England } & 3 & 2 & 13.3 & 20 \\\hline \text { Spain } & 1 & 5 & 40 & 8 \\\hline\end{array}$
-Refer to Table 3-4.The opportunity cost of one unit of bread in England is:

• A)2/3 unit of cheese
• B)two units of cheese
• C)one unit of cheese
• D)1/2 unit of cheese

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Definitions:

Unilateral Contract

A contract where one party makes a promise in exchange for a performance by the other party, which acts as acceptance of the offer.

Express Contracts

An express contract is a clearly stated agreement between parties, where the terms are explicitly mentioned either orally or in writing.

Implied Contracts

Agreements inferred from the actions, behavior, or circumstances of the parties involved, rather than from written documentation or explicit verbal agreement.

Article 2

Refers to a section of the Uniform Commercial Code that governs the sale of goods.