Table 2-4 Table 2-4 Shows the Number of Labor Hours Required to of Labor

question 105

Multiple Choice

Table 2-4

Table 2-4 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
-Refer to Table 2-4.What is South Korea's opportunity cost of producing one pound of wheat?

• A) 60 digital cameras
• B) 20 digital cameras
• C) 5 digital cameras
• D) 0.05 units of a digital camera

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Definitions:

Extensive Customization

Extensive customization refers to the process of tailoring products, services, or experiences to meet the specific needs or preferences of individual customers, often involving significant modifications.

Global Trade

Refers to the exchange of goods, services, and capital across international borders, driven by the aim of accessing new markets and leveraging global efficiencies.

Economic Communities

Groups of countries or regions that band together to form closer economic ties, typically through trade agreements and shared regulations.

Free Trade Zones

Specially designated areas within countries where goods can be imported, handled, manufactured, or reconfigured without being subject to customs duty, to encourage trade and investment.