In an Eight-Hour Day, Andy Can Produce Either 24 Loaves

question 55

Multiple Choice

In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. In an eight-hour day, John can produce either 8 loaves of bread or 8 pounds of butter. The opportunity cost of producing 1 pound of butter is

• A)1\3 hour for Andy and 1 hour for John.
• B)1 hour for Andy and 1 hour for John.
• C)3 loaves of bread for Andy and 1 loaf of bread for John.
• D)1\3 loaves of bread for Andy and 1 loaf of bread for John.

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Definitions:

False Reporting

The act of providing incorrect or misleading information intentionally.

Pretend

To act as if something is true when it is not, often to entertain or practice.

Retrieving

The process of getting information out of memory storage and back into conscious awareness.

Videotape

A magnetic tape used for recording and playing back visual and auditory information.