Multiple Choice
Table 2-17
Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
-Refer to Table 2-17. Which of the following statements is true?
A) Lucy has an absolute advantage in making both products.
B) James has an absolute advantage in making both products.
C) Lucy has an absolute advantage in making wagons and James in making tricycles.
D) James has an absolute advantage in making tricycles and Lucy in making wagons.
Correct Answer:

Verified
Correct Answer:
Verified
Q14: "An Inquiry into the Nature and Causes
Q27: Which of the following statements is true?<br>A)Individuals
Q73: Which of the following is a factor
Q76: In a free market there are virtually
Q154: Identify whether each of the following transactions
Q213: According to the production possibility model,if more
Q214: In a production possibilities frontier model, a
Q460: The production possibilities frontier model assumes which
Q463: The opportunity cost of going to an
Q466: In 18th century Europe, governments gave guilds