Table 2-5 Table 2-5 Shows the Number of Labor Hours

question 222

Multiple Choice

Table 2-5
Table 2-5 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 2-5.What is Finland's opportunity cost of producing one board foot of lumber?

• A)0.25 cell phones
• B)4 cell phones
• C)12 cell phones
• D)16 cell phones

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Definitions:

Immigration

The action of coming to live permanently in a foreign country. It can influence a country's economy, culture, and demographics.

Equilibrium Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market, resulting in no unemployment.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.

Employment Opportunities

Available job positions or career prospects within the job market.