Refer to Table 7-2. Select the statement that accurately interprets the data in the table
A) Madison has an absolute advantage in making empanadas and tacos.
B) Austin has an absolute advantage in making empanadas and tacos.
C) Madison has an absolute advantage in making empanadas and Austin has an absolute advantage in making tacos.
D) Madison has an absolute advantage in making tacos and Austin has an absolute advantage in making empanadas.
A
You might also like to view...
Suppose that each of 10,000 perfectly competitive firm in an industry produces 1,000 units of a good and earns an economic profit when the price of the good is $10. In the long run, definitely
A) each firm increases its production above 1,000 units. B) the number of firms is more than 10,000. C) consumer surplus decreases. D) producer surplus increases. E) the number of firms is less than 10,000.
In describing the economic setting in the real goods market, which of the following economic measures is the most helpful?
a. Current unemployment rate and labor force participation rate b. Annual inflation rate during the past year c. Current real exchange rate d. Percentage change in nominal GDP during the past year e. Current nominal exchange rate
The field of economics that combines the study the psychology of human behavior and economic issues is
Other things constant, which of the following job characteristics would be most likely to result in a higher pay rate for the job?
a. The employer provides low cost child-care services on the premises. b. The job requires substantial amounts of stressful out-of-town travel. c. The job involves working in pleasant surroundings. d. The job is widely viewed as prestigious.