Multiple Choice
Graph 3-1
These figures illustrate the production possibilities frontiers for Robinson Crusoe and Friday with 12 hours of labour.
-According to Graph 3-1:
A) Robinson Crusoe has an absolute advantage in fish, and Friday has an absolute advantage in coconuts
B) Robinson Crusoe has an absolute advantage in coconuts, and Friday has an absolute advantage in fish
C) Robinson Crusoe has an absolute advantage in neither goods, and Friday has an absolute advantage in both goods
D) Robinson Crusoe has an absolute advantage in both goods, and Friday has an absolute advantage in neither goods
Correct Answer:
Verified
Correct Answer:
Verified
Q25: If two countries have identical opportunity costs,
Q27: Table 3-3<br> <span class="ql-formula" data-value="\begin{array}{|l|c|c|c|c|}\hline&\text
Q28: Table 3-3<br> <span class="ql-formula" data-value="\begin{array}{|l|c|c|c|c|}\hline&\text
Q29: Table 3-4<br> <span class="ql-formula" data-value="\begin{array}{|l|c|c|c|c|}\hline&\text
Q31: Trade is based on:<br>A)absolute advantage<br>B)comparative advantage<br>C)trade subsidies<br>D)international
Q33: Graph 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8859/.jpg" alt="Graph 3-2
Q34: Table 3-3<br> <span class="ql-formula" data-value="\begin{array}{|l|c|c|c|c|}\hline&\text
Q35: What roles were played by Adam Smith
Q77: For a country producing two goods, the
Q82: Explain the difference between absolute advantage and