Table 2-9 Table 2-9 Shows the Number of Labor Hours

question 37

Multiple Choice

Table 2-9
Table 2-9 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
-Refer to Table 2-9.What is Japan's opportunity cost of producing one wristwatch?

• A)0.04 pounds of rice
• B)4 pounds of rice
• C)25 pounds of rice
• D)40 pounds of rice

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Definitions:

Output Axis

In graphing, particularly in economics, this refers to the axis on which the quantity produced or supplied is measured.

Economic Power

The capacity of an entity, such as a company or country, to influence economic outcomes within its environment for its own benefit.

Political Power

The ability or capacity of a person or group to influence or control the actions and policies of a government or organization.

Public Utilities

Companies that provide essential services to the public, such as water, electricity, gas, and telecommunications, often regulated by the government.