For Each Watch Denmark Produces, It Gives Up the Opportunity

question 140

Multiple Choice

For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true with regard to opportunity costs in the two countries?

• A) The opportunity cost of producing watches is higher in Denmark.
• B) The opportunity cost of producing cheese is higher in Denmark.
• C) The opportunity cost of producing cheese is identical in both countries.
• D) It is impossible to compare opportunity costs because the two countries use different currencies.
• E) In both countries combined, the opportunity cost of one watch is 150 pounds of cheese.

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Definitions:

Resocialization Stage

Involves the process of adjusting and learning new norms, values, attitudes, and behaviors to match a new role or social environment.

Entrance Transition Point

The moment or phase where an individual or group begins a new stage or enters a different environment or context, such as the beginning of a career or educational phase.

Hierarchical Structure

An organizational structure where entities are ranked according to levels of importance or authority.

Status Generalization

The process by which pre-existing status differences among individuals influence their status within a new or different social group, leading to a reinforcement of societal hierarchies.