Table 2-16 Table 2-16 Shows the Number of Labor Hours

question 146

Multiple Choice

Table 2-16
Table 2-16 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should

• A) split her time evenly between being a lawyer and a word processor.
• B) specialize in being a lawyer because its opportunity cost is lower.
• C) pursue the activity she enjoys more.
• D) specialize in being a word processor because it is more capital-intensive.

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Definitions:

James-Lange Theory

A hypothesis that emotional experiences arise from physiological arousal rather than the other way around.

Mislabel

To incorrectly or inappropriately assign a label or description to someone or something.

Arousal States

Psychological and physiological conditions of being alert, awake, and attentive.

Physiological Responses

Bodily reactions to internal or external stimuli, such as changes in heart rate or hormone levels.