Multiple Choice
Suppose that Sheldon and Leonard can either run errands or wash dishes.Their maximum output per hour is listed in the following table.Given the same quantity of resources,at what terms of trade (relative price ratio) could they specialize and trade so that both consume outside their own production possibilities frontiers (PPFs) ?
A) 1 errand run per 75 dishes washed
B) 1 errand run per 30 dishes washed
C) 1 errand run per 12 dishes washed
D) 1 errand run per 10 dishes washed
E) 1 errand run per 6 dishes washed
Correct Answer:
Verified
Correct Answer:
Verified
Q121: If Heather can sell paper at a
Q122: One reason that economists make assumptions when
Q123: Consider the following scenario to answer the
Q124: The figures below depict the production possibilities
Q125: Why might LeBron James,a 6'8" National Basketball
Q127: Michael and Angelo are both artists who
Q128: Consider the following scenario to answer the
Q129: The process of examining a change in
Q130: If Elaine can produce more output from
Q131: You have an absolute advantage in producing