Multiple Choice
Table 3-1
-Refer to Table 3-1. Which of the following is correct?
A) The Farmer has an absolute advantage in meat, and the Rancher has an absolute advantage in potatoes.
B) The Farmer has an absolute advantage in potatoes, and the Rancher has an absolute advantage in meat.
C) The Farmer has an absolute advantage in meat, and the Rancher has an absolute advantage in meat.
D) The Farmer has an absolute advantage in neither good, and the Rancher has an absolute advantage in both goods.
Correct Answer:
Verified
Correct Answer:
Verified
Q14: Using all available resources, if a farmer
Q15: Figure 3-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Figure 3-1
Q16: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Figure 3-2
Q17: Table 3-3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Table 3-3
Q20: Table 3-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Table 3-1
Q21: Table 3-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Table 3-2
Q22: Suppose a producer can produce a product
Q23: What does comparative advantage reflect?<br>A)productivity.<br>B)relative opportunity cost.<br>C)efficiency.<br>D)terms
Q24: Table 3-6<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4795/.jpg" alt="Table 3-6
Q174: Figure 3-6<br>These figures illustrate the production possibilities