If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour then
A) Irene has the absolute advantage in the production of chairs.
B) Irene has the comparative advantage in the production of tables.
C) Greg has the absolute advantage in the production of chairs.
D) Greg has the comparative advantage in the production of chairs.
Correct Answer:
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Q357: Which is the best example of specialization?
A)
Q358: The division of productive activities among persons
Q359: If you can make $25,000 a year
Q360: Generally, specialization leads to
A) constant opportunity costs.
B)
Q361: With specialization
A) opportunity costs tend to be
Q363: Jose and Maria work at a restaurant.
Q364: The idea of comparative advantage is related
Q365: Jose and Maria work at a restaurant.
Q366: Jose and Maria work at a restaurant.
Q367: Two factories make wooden chairs. If the
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