1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John...
1. Absolute Advantage
Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour. _____________ has the absolute advantage in producing shoes and _____________ has the absolute advantage in producing clothes.
A) Timothy, Timothy
B) John, John
C) None of the other choices are correct
D) Timothy, John
E) John, Timothy
Homework Answers
D) Timothy, John
Explanation: Timothy can produce more units of shoes in an hour tan John. So, Timothy has an absolute advantage in the production of shoes.
John can produce more units of shoes in an hour tan Timothy . So, John has an absolute advantage in the production of clothes.
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1. Absolute Advantage
Timothy and John both work 8 hours a day. Both Timothy and John...
1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John...
1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour has the absolute advantage in producing shoes and has the absolute advantage in producing clothes. John, Timothy Timothy, Timothy Timothy,...
1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John...
1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour. has the absolute advantage in producing shoes and has the absolute advantage in producing clothes John, Timothy Timothy. Timothy Timothy,...
Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes...
Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, each pair of shoes takes 2 hours to produce, and each unit of clothing takes 4 hours to produce. For John, each pair of shoes takes 1 hour to produce, and each unit of clothing takes 5 hours to produce. (Timothy/John/no one) has the absolute advantage in producing shoes and (Timothy/John/no one) has the absolute advantage...
< Back to Assignment Attempts: Score: /1 1. Absolute Advantage Timothy and John both work 8...
< Back to Assignment Attempts: Score: /1 1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour has the absolute advantage in producing clothes has the absolute advantage in producing...
2. Comparative Advantage Continue using the information about Timothy and John from the previous question. ______________...
2. Comparative Advantage Continue using the information about Timothy and John from the previous question. ______________ has the comparative advantage in producing shoes and _____________ has the comparative advantage in producing clothes. A) None of the other answers are correct B) John, Timothy C) John, John D) Timothy, Timothy E) Timothy, John
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5. The price of trade Suppose that Greece and Germany both produce jeans and shoes. Greece's Germany's opportunity cost of producing a pair of shoes is 10 pairs of jeans opportunity cost of producing a pair of shoes is 4 pairs of jeans while By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the has a comparative advantage in the production of jeans Suppose...
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Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week...
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5 False The law of comparative advantage says that a. 3. the individual with the lowest...
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1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour has the absolute advantage in producing shoes and has the absolute advantage in producing clothes. John, Timothy Timothy, Timothy Timothy,...
1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour. has the absolute advantage in producing shoes and has the absolute advantage in producing clothes John, Timothy Timothy. Timothy Timothy,...
< Back to Assignment Attempts: Score: /1 1. Absolute Advantage Timothy and John both work 8 hours a day. Both Timothy and John can produce shoes or clothes, though at different rates. For Timothy, he can produce 2 pairs of shoes per hour or 4 units of clothes per hour. For John, he produces 1 pair of shoes per hour, or 5 units of clothes per hour has the absolute advantage in producing clothes has the absolute advantage in producing...
5. The price of trade Suppose that Greece and Germany both produce jeans and shoes. Greece's Germany's opportunity cost of producing a pair of shoes is 10 pairs of jeans opportunity cost of producing a pair of shoes is 4 pairs of jeans while By comparing the opportunity cost of producing shoes in the two countries, you can tell that production of shoes and has a comparative advantage in the has a comparative advantage in the production of jeans Suppose...
Consider two neighboring Island countries, Charisma and Flatstan. Each has 72,000 labor hours available per week that it can use to produce jeans, wheat, or a combination of both. The following table shows the amount of labor hours required to produce 1 pair of jeans or 1 bushel of wheat. Wheat (Labor hours per bushel) Country Charisma Jeans (Labor hours per pair) 80 24 16 Flatstan 12 has an absolute advantage in the production of jeans, and has an absolute...
5 False The law of comparative advantage says that a. 3. the individual with the lowest opportunity cost of producing a particular good should produce it comparative advantage exists only when one person has an absolute advantage in the production of two goods whoever has a comparative advantage in producing a good also has an absolute adva in producing that good b. c. d. whoever has an absolute advantage in producing a good also has a comparative advantag in producing...
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