The Following Table Shows That in One Day Poultry Farmers

question 70

Multiple Choice

The following table shows that in one day poultry farmers in Arkansas can produce 3 cartons of eggs, while poultry farmers in Idaho can produce 2 cartons of eggs.It takes Arkansas potato farmers one day to produce 30 tons of potatoes, while Idaho potato farmers produce 10 tons of potatoes in that same time. Table 20.4 According to Table 20.4, the limits to the terms of trade in eggs are 1 carton of eggs in exchange for:

• A)between 5 and 10 tons of potatoes.
• B)between 2 tons and 10 tons of potatoes.
• C)between 10 tons and 30 tons of potatoes.
• D)between one-fifth and one-tenth of a ton of potatoes.
• E)between 1 and 10 tons of potatoes.

---

Definitions:

Corporations

Legal entities that are separate and distinct from their owners, created to conduct business, can enter into contracts, loan and borrow money, sue and be sued.

Normative Economic Statement

An opinion or value judgment about what ought to be, rather than what is measurable or empirically observable.

Legal Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers are legally allowed to pay their workers.

Unemployment

The situation when individuals who are capable of working and are actively seeking work are unable to find employment.