Table 19-11
Output Per Hour Production and Production
of Work

question 375

Multiple Choice

Table 19-11
Output per hour Production and Production
of work Consumption without Trade with Trade
$\begin{array}{|l|c|c|c|c|c|c|}\hline & \text { Clocks } & \text { Hats } & \text { Clocks } & \text { Hats } & \text { Clocks } & \text { Hats } \\\hline \text { Denmark } & 6 & 3 & 900 & 150 & 1,200 & 0 \\\hline \text { Belize } & 1 & 2 & 150 & 100 & 0 & 400 \\\hline\end{array}$ Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 19-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade.
-Refer to Table 19-11.What is the opportunity cost to produce 1 clock in Belize?

• A) 1/2 of a hat
• B) 2/3 of a hat
• C) 1.5 hats
• D) 2 hats

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Definitions:

Statistical Test

A procedure that uses sample data to evaluate a hypothesis about a population parameter.

Interval Level

Interval level refers to a type of data measurement that includes meaningful, equal distances between values, but without a true zero point, allowing for the measurement of difference and the use of arithmetic operations.

Ratio Level

The highest level of measurement that describes data with a true zero point and equal intervals between values, allowing for a full range of descriptive and inferential statistical operations.

Statistical Test

A procedure for making inferences about the properties of a population, based on sample data.