Table 2-11 Table 2-11 Shows the Number of Labor Hours

question 231

Multiple Choice

Table 2-11
Table 2-11 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 2-11. 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:

Contracting Out

involves a business hiring external organizations to perform specific tasks or services rather than using its internal resources.

Shirking

The act of avoiding or reducing work effort, especially in situations where it is difficult for employers to monitor or control employee behavior.

Takeover Bids

are proposals or offers made by an entity to acquire control of another company, typically by purchasing a majority of its stock.

Corporate Managers

Individuals who are in charge of directing and overseeing the operations and strategies of a corporation.