Use the Following Scenario to Answer the Questions That Follow

question 81

Multiple Choice

Use the following scenario to answer the questions that follow.
Amy can produce either 5,000 pounds of cheese or 20 houses per year. Jim can produce either 5,000 pounds of cheese or 10 houses per year.
-Jim's opportunity cost of producing one pound of cheese is ________ house(s) .

• A) 1/500
• B) 1/250
• C) 1/10
• D) 250
• E) 500

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Definitions:

International Monetary Fund

An international organization aimed at promoting global monetary cooperation and exchange rate stability.

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Loans scheduled to be repaid in less than a year, often used for immediate operational needs.

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Concerns related to the moral judgments and behaviors within business practices, including topics like fairness, justice, right, and wrong.

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Organizational structures that emphasize hierarchical levels of authority and communication, typically with clear lines of command and control from top to bottom.