Table 2.8 Table 2.8 Shows the Number of Labour Hours Required to of Labour

question 176

Multiple Choice

Table 2.8

Table 2.8 shows the number of labour hours required to produce a motorcycle and a guitar in Ireland and Scotland.
-Refer to Table 2.8. If the two countries specialise and trade, who should export motorcycles?

• A)There is no basis for trade between the two countries.
• B)Ireland
• C)Scotland
• D)They should both be importing motorcycles.

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Definitions:

Incentive Pay Plan

A compensation strategy that rewards employees for meeting or exceeding performance targets.

Confidence Interval

Range or interval of values with a stated probability of containing an unknown population parameter.

Mean

The mean is the average of a data set, calculated by adding all the numbers together and then dividing by the count of those numbers.

Confidence Limits

Lower and upper boundaries of a confidence interval.