Scenario 13-6 Tony Is a Wheat Farmer, but He Also Spends Part

question 174

Multiple Choice

Scenario 13-6
Tony is a wheat farmer, but he also spends part of his day teaching guitar lessons. Due to the popularity of his local country western band, Farmer Tony has more students requesting lessons than he has time for if he is to also maintain his farming business. Farmer Tony charges $25 an hour for his guitar lessons. One spring day, he spends 10 hours in his fields planting $130 worth of seeds on his farm. He expects that the seeds he planted will yield $300 worth of wheat.
-Refer to Scenario 13-6.An economist would calculate Tony's total cost to equal

• A) $130.
• B) $250.
• C) $300.
• D) $380.

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Definitions:

Technology Transfer

The process of sharing or distributing technology between different organizations, or from research institutions to industry, facilitating innovation and application.

New Industries

Emerging sectors of the economy that arise from technological advancements, innovation, or societal changes, offering new opportunities for business and employment.

Economic Domination

A condition where a single entity or a group of entities holds significant control or influence over the economic policies, resources, or markets of a region or country.

Transnational Corporation

A large company operating in several countries around the world, managing production or delivering services in more than one country.