Table 212 Table 2

question 82

Multiple Choice

Table 2.12 Table 2.12 Table 2.12 shows the number of labour hours required to produce a cell phone and a cubic metre of lumber in Estonia and Finland. -Refer to Table 2.12.What is Estonia's opportunity cost of producing one cell phone? A) 0.2 cubic metres of lumber B) 5 cubic metres of lumber C) 8 cubic metres of lumber D) 32 cubic metres of lumber Table 2.12 shows the number of labour hours required to produce a cell phone and a cubic metre of lumber in Estonia and Finland.
-Refer to Table 2.12.What is Estonia's opportunity cost of producing one cell phone?

Definitions:

Accounts Payable

Short-term liabilities of a business which are owed to suppliers for goods and services purchased on credit.

Voucher

A document or record that verifies a transaction and authorizes the payment or receipt of funds.

Journal

A record where all financial transactions are initially entered in chronological order.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.