Tom and Jerry Have Two Tasks to Do All Day

question 74

Multiple Choice

Tom and Jerry have two tasks to do all day: make dishes and build fences.If Tom spends all day making dishes,he will have make 16 dishes.If he instead devotes his day to building fences,Tom will build 4 fences.If Jerry spends his day making dishes,he will make 14 dishes; if he spends the day building fences,he will build 7 fences.For Jerry,the opportunity cost of building a fence is ________ dishes made.

• A) 14
• B) 7
• C) 4
• D) 2

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Definitions:

Complexity Of Reality

The notion that real-world situations are intricate due to interconnections and interdependencies among various elements and variables.

Simplifications

The process of making something easier to understand or do by reducing its complexity.

Trade-Offs

Decisions made that involve a sacrifice of one thing to obtain another, often used in discussions of economic and personal choices.

Opportunity Cost

This represents the value of the best alternative foregone when a decision to pursue a certain action is made.