John and Tracy are two woodworkers who both make tables and chairs. In one month, John can make 3 tables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantege in chairs. b.John has an absolute advantage in chairs. c.John has a comparative advantage in tables. d. Tracy has a comparative advantage in chairs.
John and Tracy are two woodworkers who both make tables and chairs. In one month, John can make 3 tables or 18 chairs, whereas Tracy can make 8 tables or 24 chairs. Given this, we know that Select one: a. Tracy has an absolute advantege in chairs. b.John has an absolute advantage in chairs. c.John has a comparative advantage in tables. d. Tracy has a comparative advantage in chairs.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter33: International Trade
Section: Chapter Questions
Problem 2SCQ: Brazil can produce 100 pounds of beef or 10 autos. In contrast the United States can produce 40...
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