Table 3-23 Assume That the Farmer and the Rancher Can Switch Between

question 64

Multiple Choice

Table 3-23
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate.
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-Refer to Table 3-23. The opportunity cost of 1 pound of pork for the farmer is

• A)1/2 pound of tomatoes.
• B)1/2 hour of labor.
• C)2 pounds of tomatoes.
• D)2 hours of labor.

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Definitions:

Per Annum

An expression meaning "for each year," used to describe rates or amounts calculated on an annual basis.

Rate Of Return

The gain or loss on an investment over a specified time period, expressed as a percentage of the investment’s cost.

Investment Account

An account held at a financial institution that holds investments such as stocks, bonds, mutual funds, and other assets for investors.

Millionaire

An individual whose net worth or wealth is equal to or exceeds one million units of currency.