Question

23. Given the following Classical-type table showing the number of days of labor input required to obtain one unit of output of each of the two commodities in each of the two countries: computers 3 days 6 days bicycles 7 days 5 days absolute advantage in the production of United States United Kingdom The United States has an A) computers (only) B) bicycles (only) C) both bicycles and computers D) neither bicycles computers nor 24. The absence of trade is known as: A) autarchy B) oligarchy. C) autarky. D) embargo. o da od thr abet ot end noit o (A 25. When there A) a negatively sloped straight line. B) bowed out from the origin. C) caved in toward the origin. D) law of increasing opportunity cost of production, the PPF is: are p l :eS positively sloped straight line. a

Answer 1

23.A)The United States has an absolute advantage in the production of computers(only).

24.D)Embargo

25.B)Bowed out from the origin.