Table 3-11 Assume That Falda and Varick Can Switch Between Producing Wheat

question 403

Multiple Choice

Table 3-11
Assume that Falda and Varick can switch between producing wheat and producing cloth at a constant rate.

-Refer to Table 3-11.Falda's opportunity cost of one yard of cloth is

• A) 2/3 bushel of wheat and Varick's opportunity cost of one yard of cloth is 2/5 bushel of wheat.
• B) 2/3 bushel of wheat and Varick's opportunity cost of one yard of cloth is 5/2 bushels of wheat.
• C) 3/2 bushels of wheat and Varick's opportunity cost of one yard of cloth is 2/5 bushel of wheat.
• D) 3/2 bushels of wheat and Varick's opportunity cost of one yard of cloth is 5/2 bushels of wheat.

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Definitions:

Altruism

The principle or practice of concern for the welfare of others, often at a cost to oneself.

Competitiveness

A personal trait characterized by a desire to win or be more successful than others, often driving individuals to pursue goals with vigor and persistence.

Hostility

Hostility is an emotion characterized by antagonism or aggression towards others, often resulting from frustration or perceived threats.

Type A

A personality characterized by a constant sense of urgency, competitiveness, and an excessive preoccupation with work and time management.