Multiple Choice
Tom and Jerry have one day to work, but two tasks to focus on: building chairs and tables. If Tom spends all day building chairs, he will make 16 chairs. If he instead devotes his day to building tables, Tom will make 4 tables. If Jerry spends his day building chairs, he will make 14 chairs; if he spends the day building tables, he will make 7 tables. After looking at the production possibilities for both Tom and Jerry, what can we surmise?
A) Tom has an absolute advantage at producing both chairs and tables.
B) Jerry has an absolute advantage at producing both chairs and tables.
C) Tom has an absolute advantage at producing chairs and Jerry has an absolute advantage at producing tables.
D) Tom has an absolute advantage at producing tables and Jerry has an absolute advantage at producing chairs.
Correct Answer:

Verified
Correct Answer:
Verified
Q23: The United States and Canada trade hockey
Q24: If the United States, a wealthy nation,
Q25: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8194/.jpg" alt=" Consider the production
Q26: Suppose that a worker in Country A
Q27: Which of the following is a reason
Q29: Suppose an American worker can make 20
Q30: If Spain is capable of producing tapas,
Q31: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8194/.jpg" alt=" Consider the production
Q32: The concept of the invisible hand was
Q33: Suppose that a worker in Country A