Use the Production Possibilities Data Below to Answer the Following

question 171

Multiple Choice

Use the production possibilities data below to answer the following question(s) . Table 2-3
Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the farmer is

• A) 8 hours of labor.
• B) 2 hours of labor.
• C) 4 pounds of meat.
• D) 1/4 pound of meat.

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Definitions:

Manufacturing Cycle Efficiency

The ratio of value-added time to total throughput time in a manufacturing process, measuring the efficiency of production.

Fill Orders

The process of completing customer requests for goods by preparing and dispatching products.

Manufacturing Cycle Efficiency

A measure of the efficiency of the production process, calculated as the value-added time divided by the total throughput time.

Fill Orders

The process of completing a customer's purchase request by preparing and dispatching the requested goods.