Exhibit 2-1 John and Harry's Production Possibilities for Ironing Shirts and Typing Papers 
-Exhibit 2-1 shows the production possibilities for ironing shirts and typing papers for John and Harry.Each has 5 hours per week to spend on these tasks.Which of the following statements is correct?
A) John has a comparative advantage in ironing.
B) John has a comparative advantage in typing.
C) John has an absolute advantage in typing.
D) John has a comparative advantage in both ironing and typing.
E) Neither can gain from specialization and exchange.
Correct Answer:
Verified
Q36: If people specialize in producing those goods
Q42: If Robin has an absolute advantage in
Q43: John takes 10 minutes to iron a
Q44: Exhibit 2-1 John and Harry's Production Possibilities
Q45: If Evan has an absolute advantage in
Q51: Janis mows the lawn in 1 hour
Q53: Absolute advantage is based on opportunity cost.
Q54: It is possible for one person to
Q56: A country has an absolute advantage in
Q59: It is impossible for one person to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents