Table 2-16 Table 2-16 Shows the Number of Labor Hours

question 315

Multiple Choice

Table 2-16
Table 2-16 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 2-16. What is Estonia's opportunity cost of producing one cell phone?

• A) 0.2 board feet of lumber
• B) 5 board feet of lumber
• C) 8 board feet of lumber
• D) 32 board feet of lumber

---

Definitions:

Manage Money

The process of organizing, planning, and controlling financial resources effectively to meet personal or business goals.

Budget

An estimate of income and expenditure for a set period of time.

Fixed Expense

Costs that do not vary in amount and are paid on a regular basis, such as rent or mortgage payments.

Recurring Expense

Ongoing financial obligations that individuals or businesses regularly pay, such as rent, utilities, or subscription services.