Table 2-20 Table 2-20 Shows the Number of Labor Hours

question 63

Multiple Choice

Table 2-20
Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
-Refer to Table 2-20. What is Thailand's opportunity cost of producing one pound of rice?

• A) 60 wristwatches
• B) 20 wristwatches
• C) 5 wristwatches
• D) 0.05 units of a wristwatch

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Definitions:

Derivative

A financial instrument whose value is based on the performance of underlying assets such as stocks, bonds, or commodities.

Derivative

A financial instrument whose value is based on or derived from one or more underlying assets.

Asset Account

An account on a company's balance sheet that represents a resource with economic value owned or controlled as a result of past transactions.

Liability Account

A Liability Account represents a company's financial obligations or debts that arise during the course of business operations.