Table 2-4 Table 2-4 Shows the Number of Labor Hours Required to of Labor

question 152

Multiple Choice

Table 2-4

Table 2-4 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-Refer to Table 2-4.What is Finland's opportunity cost of producing one cell phone?

• A) 0.25 board feet of lumber
• B) 4 board feet of lumber
• C) 12 board feet of lumber
• D) 16 board feet of lumber

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Definitions:

Sherman Antitrust Act

A landmark 1890 U.S. law aimed at promoting economic competition by prohibiting monopolies, trusts, and other forms of business that restrict trade.

1890s

A decade of the late 19th century known for its significant economic, social, and political changes, including the start of the Progressive Era in the United States.

Railroads

Networks of tracks on which trains operate, serving as a vital mode of transport for goods and passengers over land.

Labor Unions

Organizations that represent the collective interests of workers in negotiations with employers over wages, working conditions, and rights.