Table 3-31 ​

question 317

Multiple Choice

Table 3-31
​
-Refer to Table 3-31. For the farmer, the opportunity cost of 1 pound of meat is

• A)0.625 pound of potatoes.
• B)1.6 pounds of potatoes.
• C)5 pounds of potatoes.
• D)8 pounds of potatoes.

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Definitions:

Labor

Human input, involving both muscle and mind work, in the output of goods and services.

Production Function

A model that defines the maximum output that can be produced with a given set of inputs under current technology.

Plastic

A wide range of synthetic or semi-synthetic materials that are used in the production of industrial products, packaging, and consumer items.

Wood

A hard, fibrous material made from trees or shrubs, often used for construction, furniture, and fuel among other applications.