Table 3-2 -Refer to Table 3-2.What Is the Opportunity Cost of 1

question 177

Multiple Choice

Table 3-2

-Refer to Table 3-2.What is the opportunity cost of 1 kilogram of meat for the farmer

• A)1/4 hour of labour
• B)1 hour of labour
• C)4 kilograms of potatoes
• D)1/4 kilogram of potatoes

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Definitions:

Immediate Benefits

Advantages or positive effects that can be realized quickly after implementing a decision or action.

Political Bias

A preference or inclination that influences judgment or decision-making, favoring or disfavoring certain political parties or ideologies.

Public Bureaucracies

Organizations within the public sector governed by a fixed set of rules and structured hierarchically, tasked with implementing government policies.

Public Choice Theorists

Economists and political scientists who study how public decisions are made, applying theories and methods of economics to analyze political behavior and decision-making.