Which of the following is a true statement about absolute advantage?
- Katrina and David can both produce pizzas and loaves of bread. In one hour, Katrina can produce 10 pizzas or 20 loaves of bread. In one hour, David can produce 6 pizzas or 18 loaves of bread.
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Which of the following is a true statement about absolute advantage?
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Katrina has an absolute advantage in both goods.
Katrina has an absolute advantage in pizza but not in bread.
David has an absolute advantage in both goods.
Katrina has an absolute advantage in bread but not in pizza.Â
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Which of the following is a true statement about comparative advantage?
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David has a comparative advantage in both goods.
Katrina has a comparative advantage in pizza.
Katrina has a comparative advantage in bread.
Katrina has a comparative advantage in both goods.Â
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2. Suppose that workers in a country can produce either yams or potatoes, and that all inputs are equally well-suited to the production of both goods. If all workers produce yams, 40 million yams can be produced. If all workers produce potatoes, 20 million potatoes can be produced.
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The opportunity cost of producing a potato is___ yam(s).  The opportunity cost of producing a yam is____ potato(es).  Suppose that there is an increase in resources that shifts the horizontal intercept to 40 million potatoes. The opportunity cost of potatoes is now ____yam(s).
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Posted 12 Jul 2017 06:07 AM
My Price 4.00
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file 1499840210-Solutions file.docx preview (51 words )
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