Use the Production Possibilities Data Below to Answer the Following

question 141

Multiple Choice

Use the production possibilities data below to answer the following question(s) .
Table 2-3

-Refer to Table 2-3. The opportunity cost of 1 pound of potatoes for the rancher is

• A) 5 hours of labor.
• B) 4 hours of labor.
• C) 5/4 pounds of meat.
• D) 4/5 pound of meat.

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Definitions:

John Kenneth Galbraith

A Canadian-American economist, public official, and diplomat known for his works on consumer behavior, organizational theory, and public policy.

Mixed Economy

An economic system combining private and public enterprise, incorporating elements from both capitalism and socialism.

Largest Corporations

The biggest companies in the world by market capitalization, revenue, or number of employees, operating across various industries.

Means Of Production

The facilities, resources, and tools used to produce goods and services, including land, labor, technology, and capital.