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

question 99

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 Ireland's opportunity cost of producing one motorcycle?

• A)0.2 guitar
• B)5 guitars
• C)8 guitars
• D)32 guitars

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Definitions:

Merchandise Trade Deficit

The situation that occurs when a country imports more goods than it exports, leading to a negative trade balance.

European Union

A political and economic union of 27 European countries that are located primarily in Europe, aiming to ensure peace, prosperity, and freedom of movement.

Brazil

Brazil is the largest country in South America and the fifth largest in the world, known for its diverse culture and strong economy.

Net Investment Income

The difference between the revenue from investment assets and the expenses associated with managing and making those investments.