An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.
A. TVs; radios
B. radios; both goods
C. radios; TVs
D. TVs; TVs
Answer: C
You might also like to view...
When a landscaping company decides to use drafting software and computers instead of hiring designers to draw design plans by hand, it is answering the ________ question
A) why B) how C) opportunity cost D) for whom E) what
For developed countries like the United States, GDP will always exceed GNP
Indicate whether the statement is true or false
Money is any item that
A) serves as a medium of exchange for goods and services. B) can be converted into silver with relatively little loss in value. C) can be converted into gold with relatively little loss in value. D) facilitates a connecting link between credit instruments and debt instruments.
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. You correctly deduce that all resources are fully employed and there are no production inefficiencies if this economy is currently operating at a point
A. outside the production possibility frontier. B. inside the production possibility frontier. C. either inside or along the production possibility frontier. D. along the production possibility frontier.