Poland Requires 4 Hours of Labor to Produce 1 Ton

question 30

Multiple Choice

Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. What is the opportunity cost of coal in Poland?

• A) 0.25 hours of labor per ton of coal
• B) 0.25 bushels of wheat per ton of coal
• C) 4 hours of labor per ton of coal
• D) 4 bushels of wheat per ton of coal

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Definitions:

Individual Scores

The specific values or results obtained by individuals in a test or assessment, reflecting their performance or achievement.

T-statistic

A ratio that is derived from the standardized difference between two sample means divided by the standard error of the difference, used in hypothesis testing.

Sample Mean

The average value computed from a sample set of data, representative of the population mean.

Hypothesized Population Mean

This is an assumed average of a particular characteristic in a population, used as a standard for hypothesis testing in statistical analysis.