The table below shows the maximum amount of bread and fish that Adam and Bruce can each produce in one hour. According to the numbers in this table, 
A) Bruce has a comparative advantage in fish production.
B) Adam's opportunity cost of 1 loaf of bread is 2 kilos of fish.
C) Bruce's opportunity cost of 1 loaf of bread is 4 kilos of fish.
D) Bruce's opportunity cost of 1 kilo of fish is 1/4 loaves of bread.
E) Adam has a comparative advantage in fish production.
Correct Answer:
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Q9: You have a comparative advantage when your
A)
Q10: Trade improves our standard of living through
A)
Q11: Mutually beneficial trade happens when both persons
A)
Q12: Specialization eliminates
A) scarcity.
B) dependency.
C) self-sufficiency.
D) mutual benefits.
E)
Q13: Opportunity cost is
A) the ratio of what
Q15: Mutual gains from voluntary trade require differences
Q16: The process by which each person feels
Q17: In a zero-sum game
A) both players can
Q18: In one hour, Chloe can bake 24
Q19: The terms of trade are
A) the quantity
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