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Date: 9/20/09 Con-u: Eco 2301-05 The: 7:33 PM Book: Hubbard/O'Brien: Microeconomics
2e Auk-molt: HW CH2-2 7. Individuals who have never been the best at doing anything .JfA. can still have a comparative advantage in producing some product.
-_ L B, must have an absolute advantage in at least ones task. -' " Ci perform all tasks at a higher opportunity cost than others. -‘j_i: D. cannot have a comparative advantage in producing any product. I is: '13 —____—___— L
' One Digital ,
Camera Wheat (Br pound) 1 China 100 hours 4 hours South Korea 60 hours 3 hours The table above shows the number of labor hours required to produce a digital camera and a pound
of wheat in China and South Korea. What is China's opportunity cost of producing one pound of wheat? ' A 25 digital cameras
4’8, 0.04 units ofa digital camera
i C 40 digital cameras " D 4 digital cameras ‘ Page4 ...
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- Fall '08
- dont know