Table 2.6 Table 2.6 Shows the Number of Labour Hours Required to of Labour

question 13

Multiple Choice

Table 2.6

Table 2.6 shows the number of labour hours required to produce a digital camera and a kilo of wheat in China and South Korea.
-Refer to Table 2.6. What is South Korea's opportunity cost of producing one digital camera?

• A)0.05 kilos of wheat
• B)20 kilos of wheat
• C)25 kilos of wheat
• D)60 kilos of wheat

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Definitions:

Confidence Interval

A swath of numerical values, from statistics of a sample, aimed at covering the unascertained value of a population parameter.

Margin of Error

The half-width of a confidence interval, representing the maximum expected difference between the true population parameter and a sample estimate of that parameter.

Population Standard Deviation

A measure of the dispersion or spread of a set of data values in a population, indicating how much individuals within this population vary from the population mean.

Interval Estimate

An estimate of a population parameter that provides a range of values believed to contain the parameter with a certain degree of confidence.