Table 3-31 ​

question 278

Multiple Choice

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

• A)0.4 pound of potatoes.
• B)2.5 pounds of potatoes.
• C)4 pounds of potatoes.
• D)10 pounds of potatoes.

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Definitions:

Union Membership

The status of being a member of an organized group of workers who come together to make decisions about the work conditions of their employment.

Employed Wage

The compensation or earnings received by an individual in exchange for performing work or services as an employee.

Salary Workers

Employees who are paid a fixed amount of money or salary, rather than being paid hourly.

Productivity

The measure of efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.