Suppose That One Unit of Labour Can Produce Either 5

question 83

Multiple Choice

Suppose that one unit of labour can produce either 5 units of wool or 2 pineapples.What is the opportunity cost of producing 1 pineapple?

• A)5 units of wool
• B)2 units of wool
• C)2/5 unit of wool
• D)5/2 units of wool
• E)zero

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Definitions:

Work Evaluation

The process of assessing the performance of employees or tasks, typically to inform decisions about promotions, salaries, or training needs.

Water Catchment

An area of land where precipitation collects and drains off into a common outlet, such as a river, bay, or other body of water.

Wage Surveys

Studies conducted to gather and analyze data on the wages paid across different jobs, industries, and geographical areas.

Labour Market

Refers to the supply and demand for labor, where employers seek the best individuals for their vacancies and individuals look for their best job opportunities.