Table 2-8 Table 2-8 Shows the Number of Labour Hours

question 8

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.What is Ireland's opportunity cost of producing one motorcycle?

• A) 0.2 of a guitar
• B) 5 guitars
• C) 8 guitars
• D) 32 guitars

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Definitions:

Increased Demand

A situation where the quantity of a product or service that consumers are willing and able to buy at a given price rises.

European Union

A political and economic union of 27 member states located primarily in Europe, aiming to facilitate free movement of goods, services, and people.

U.S. Products

Goods and services that are produced, manufactured, or assembled within the United States.

Long-term Capital Inflows

The movement of capital into a country over an extended period, often used for investment in major projects or to boost foreign reserves.