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

question 117

Multiple Choice

Table 2-11

Table 2-11 shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland.
-Refer to Table 2-11.What is Scotland's opportunity cost of producing one guitar?

• A)0.25 motorcycles
• B)4 motorcycles
• C)12 motorcycles
• D)16 motorcycles

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Definitions:

Collective Conscious

A shared set of beliefs, morals, and attitudes that operate as a unifying force within society; sometimes spelled as "collective conscience."

Commodity Production

The production of goods and services for exchange on the market with the goal of earning a profit, central to capitalist economies.

Private Ownership

The legal right of an individual or entity to possess, use, and dispose of property or assets without interference from the government or public.

Propertyless Wage Labor

Refers to the condition of workers who do not own any property and therefore sell their labor for wages to survive.