Use the Production Possibilities Data Below to Answer the Following

question 185

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:

Coefficient Of Variation

A measure used to indicate the relative variability of a data set, expressed as a percentage of the mean.

Ages

Refers to the length of time that an individual, object, or phenomenon has existed.

Volunteers

Individuals who offer themselves for a service or undertaking willingly and without pay.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.