question 1

Table 3-5

Labour hours needed to make one unit: Amount produced in 40 hours: Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5

Refer to Table 3-5. Which country has an absolute advantage in each product? Select one: a. England has an absolute advantage in cheese, and Spain has an absolute advantage in bread. b. England has an absolute advantage in neither good, and Spain has an absolute advantage in both goods. c. England has an absolute advantage in both goods, and Spain has an absolute advantage in neither good. d. England has an absolute advantage in bread, and Spain has an absolute advantage in cheese.

question 2 [Table 3-5

Labour hours needed to make one unit: Amount produced in 40 hours: Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5

Refer to Table 3-5. What is the opportunity cost of one unit of bread in Spain? Select one: a. 4 cheeses b. 1 cheese c. 1/4 cheese d. 2 cheeses

question 3 Table 3-5

Labour hours needed to make one unit: Amount produced in 40 hours: Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5

Refer to Table 3-5. Which country has a comparative or absolute advantage in each product? Select one: a. England has a comparative advantage in cheese, and Spain has an absolute advantage in both goods. b. England has a comparative advantage in bread, and Spain has an absolute advantage in cheese. c. England has a comparative advantage in both goods, and Spain has an absolute advantage in cheese. d. England has a comparative advantage in bread, and Spain has an absolute advantage in neither good. : question 4 : Table 3-4

Labour hours needed to make one unit: Amount produced in 24 hours: Baskets Birdhouses Baskets Birdhouses Alberta 6 2 4 12 Manitoba 3 4 8 6

Refer to the table 3-4. What is the opportunity cost of one birdhouse for Manitoba? Select one: a. 4/3 baskets b. 3 baskets c. 1 basket d. 3/4 basket Clear my choice

question5 Table 3-5

Labour hours needed to make one unit: Amount produced in 40 hours: Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5

Refer to Table 3-5. What is the opportunity cost of one unit of cheese in England? Select one: a. 4 breads b. 1/2 bread c. 1/4 bread d. 2 breads

question6 : Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 chair? Select one: a. 5 tables for Mike and 3 tables for Sandy b. 1/5 table for Mike and 1/3 table for Sandy c. 1/3 table for Mike and 1/5 table for Sandy d. 3 tables for Mike and 5 tables for Sandy

quesstion7 Table 3-5

Labour hours needed to make one unit: Amount produced in 40 hours: Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5

Refer to Table 3-5. How could England and Spain benefit? Select one: a. by England specializing in both goods and Spain specializing in neither good b. by England specializing in cheese and Spain specializing in bread c. by England specializing in bread and Spain specializing in cheese d. by England specializing in neither good and Spain specializing in both goods

question8 Table 3-4

Labour hours needed to make one unit: Amount produced in 24 hours: Baskets Birdhouses Baskets Birdhouses Alberta 6 2 4 12 Manitoba 3 4 8 6

Refer to the table 3-4. What is the opportunity cost of one basket for Manitoba? Select one: a. 4/3 birdhouses b. 1/4 birdhouse c. 3/4 birdhouse d. 1 birdhouse

Question9 Question text Table 3-4

Labour hours needed to make one unit: Amount produced in 24 hours: Baskets Birdhouses Baskets Birdhouses Alberta 6 2 4 12 Manitoba 3 4 8 6

Refer to the table 3-4. What is the opportunity cost of one birdhouse for Alberta? Select one: a. 4/3 baskets b. 1/3 basket c. 1 basket d. 3 baskets

question 10

Table 3-4

Labour hours needed to make one unit: Amount produced in 24 hours: Baskets Birdhouses Baskets Birdhouses Alberta 6 2 4 12 Manitoba 3 4 8 6

Refer to the table 3-4. Who has an absolute advantage in the production of each good? Select one: a. Alberta has an absolute advantage in both goods, and Manitoba has an absolute advantage in neither good. b. Alberta has an absolute advantage in baskets, and Manitoba has an absolute advantage in birdhouses. c. Alberta has an absolute advantage in birdhouses, and Manitoba has an absolute advantage in baskets. d. Alberta has an absolute advantage in neither good, and Manitoba has an absolute advantage in both goods.