It takes Mom 30 minutes to cook dinner. In the same time, she can iron 6 shirts. Dad takes an hour to cook dinner and 30 minutes to iron a single shirt.
A) Dad has an absolute advantage in ironing shirts.
B) Mom's opportunity cost of cooking dinner is ironing 6 shirts.
C) Mom has a comparative advantage in cooking dinner.
D) Dad's opportunity cost of cooking dinner is ironing half a shirt.
E) Dad's opportunity cost of cooking dinner is 6 shirts.
Correct Answer:
Verified
Q3: Dave gave Candy 10 kilograms of fish
Q4: It takes Mom 30 minutes to cook
Q5: Mutually beneficial trade is also called
A) a
Q6: In a zero sum game
A) collaboration can
Q7: Mutual gains from voluntary trade require differences
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
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