Exhibit 2-3 Given the Information in Exhibit 2-3, Which

question 45

Multiple Choice

Exhibit 2-3 Given the information in Exhibit 2-3, which product should Friday (an individual) make?

• A)fishhooks because he can make 30 more per day than Crusoe but only 8 more fishing poles
• B)both because he is better at both
• C)fishing poles because that is where his comparative advantage lies
• D)neither because Crusoe is better at both
• E)we cannot tell from the given information

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Definitions:

Mediocre

Of only moderate quality; not very good.

Identity Statuses

Concepts in psychology that describe the process in which individuals explore and commit to various aspects of their personal and social identity.

Foreclosure

A legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the asset used as the collateral for the loan.

Achievement

The successful accomplishment or attainment of goals, tasks, or ambitions, often recognized by some form of reward or acknowledgment.