Table 3-23 Assume That the Farmer and the Rancher Can Switch Between

question 268

Multiple Choice

Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.
​
-Refer to Table 3-23. The opportunity cost of 1 pound of pork for the rancher is

• A)1 pound of tomatoes.
• B)1 hour of labor.
• C)1.5 pounds of tomatoes.
• D)1.5 hours of labor.

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Definitions:

1990s

The 1990s, a decade spanning from 1990 to 1999, was characterized by significant global events, technological advancements, and cultural shifts.

1980s

A decade characterized by major economic, political, and technological changes around the world, including the acceleration of the digital revolution and the end phase of the Cold War.

Savings Rate

The proportion of disposable income that individuals or households save rather than spend.

Consumption

The use of goods and services by households, constituting one of the primary components of gross domestic product (GDP).