Suppose One Worker in New Ralph Island Can Produce 40

question 73

Multiple Choice

Suppose one worker in New Ralph Island can produce 40 walking sticks or 10 boomerangs each hour.The opportunity cost of producing 1 walking stick is _____.

• A)40 boomerangs
• B)0.01 hour of labor
• C)4 boomerangs
• D)0.25 boomerangs
• E)0.5 hours of labor

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Definitions:

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The process of collecting, exploring, and presenting large amounts of data to discover underlying patterns and trends.

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A systematic pattern of deviation from norm or rationality in judgment, whereby inferences about other people and situations may be drawn in an illogical fashion.

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