Multiple Choice
Michael takes 10 minutes to iron a shirt and 20 minutes to type a paper. Aiden takes 10 minutes to iron a shirt and 30 minutes to type a paper. Which of the following statements is correct?
A) Aiden has a comparative advantage in ironing.
B) Aiden has a comparative advantage in typing.
C) Michael has a comparative advantage in ironing.
D) Neither can gain from specialization and exchange.
Correct Answer:
Verified
Correct Answer:
Verified
Q15: Beginning in the early 1990s, private landowners
Q16: Specialization in production is beneficial because<br>A) it
Q17: Which of the following most accurately states
Q18: When the production possibilities curve is bowed
Q19: When property rights are clearly defined and
Q21: Abigail wishes to spend more time this
Q22: Three basic decisions must be made by
Q23: Middlemen are individuals who<br>A) add to the
Q24: If an economy uses its resources inefficiently,
Q25: Use the production possibilities data below to