Bob could do 3 broken legs and 7 bandage wounds, James can do 2 broken legs and 5 bandages wounds Bob has both absolute advantages
What will be an ideal response?
Bob has both absolute advantages
You might also like to view...
The relationship between quantity demanded and price is a(n) ________ relationship.
A. general B. inverse C. dictated D. direct
Which of the following is not a reason why firms experience economies of scale?
A) Workers and managers can become more specialized, enabling them to be more productive. B) As output increases, the managers can begin to have difficulty coordinating the operations of their firms. C) Technology can make it possible to increase production with a smaller increase in at least one input. D) Larger firms may be able to purchase inputs at lower costs than smaller competitors.
If the MPC increase, the equilibrium levels of income and consumption will change in which of the following ways?
A) No change/No change B) No change/Increase C) Increase/No change D) Increase/Increase E) Decrease/Decrease
Exhibit 3-4 Supply curves
In Exhibit 3-4, a shift in the supply curve from S1 to S2 represents a(n):
A. decrease in supply. B. decrease in the quantity supplied. C. increase in supply. D. increase in the quantity supplied.