The table below shows the daily production potential of two workers, if they devote all their time to making either pizza or wings. Who has the absolute advantage at producing wings?
What will be an ideal response?
Debra Winger
Feedback:
Absolute advantage refers to the ability of one producer to make more than another producer with the same quantity of resources. As you can see under the wing column, Debra Winger can make 120 wings in a day and Mike Piazza can make 72 wings. Therefore, Debra Winger has absolute advantage in making wings.
You might also like to view...
If the marginal benefit of a hot dog is greater than its marginal cost, then to increase efficiency,
A) more hot dogs should be produced. B) fewer hot dogs should be produced. C) nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of hot dogs is being produced. D) production should be halted. E) More information is needed about the price of a hot dog in order to determine if production should be increased, decreased, or not changed.
A trade policy designed to alleviate some domestic economic problem by exporting it to foreign countries is know as a(n)
A) international dumping policy. B) countervailing tariff policy. C) beggar thy neighbor policy. D) trade adjustment assistance policy. E) redistribution quota policy.
What is the core of a negotiation involving many parties?
Which of the following components, when combined, is most likely to lead to discrimination by landlords with prejudiced views?
a. uncontrolled rent; few possible renters b. uncontrolled rent; many possible renters c. rent-controlled apartment; many possible renters d. rent-controlled apartment; few possible renters