For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour. For the farmer, the opportunity cost of 1 pound of potatoes is Select one: a. 4 pounds of meat b. 1 pound of meat c. 2 pounds of meat d. 0.5 pound of meat
For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour. For the farmer, the opportunity cost of 1 pound of potatoes is Select one: a. 4 pounds of meat b. 1 pound of meat c. 2 pounds of meat d. 0.5 pound of meat
Chapter15: Gross Domestic Product
Section: Chapter Questions
Problem 1SQ
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For the question below use the following figures which illustrate the production possibilities available to a farmer and a rancher with 12 hours of labour.
For the farmer, the opportunity cost of 1 pound of potatoes is
Select one:
a.
4 pounds of meat
b.
1 pound of meat
c.
2 pounds of meat
d.
0.5 pound of meat
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