-In a Two-Person Economy,Little Joe Can Trap a Maximum of 6

question 100

Multiple Choice

-In a two-person economy,Little Joe can trap a maximum of 6 rabbits or catch 10 fish a week,while his father can trap 12 rabbits or catch 15 fish per week.If their family wants to consume 20 fish per week while maximizing their joint production,

• A) the father should specialize in producing only fish,and Little Joe should produce both fish and rabbits.
• B) Little Joe should specialize in producing only fish,and his father should produce both fish and rabbits.
• C) Little Joe should specialize in producing fish,and his father should produce rabbits.
• D) Little Joe should specialize in producing only rabbits,and his father should produce fish.
• E) each should produce both fish and rabbits.

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Definitions:

Interchangeability

The quality of being able to be exchanged with something else without making any difference or loss of function.

Formal Organizational Designation

An officially recognized title, role, or position within an organization, typically assigned through a structured process.

Equitable Allocation

It refers to the fair and impartial distribution of resources or benefits among parties in a given context.

Share Of Profits

The portion of a company's earnings allocated to each share of common stock, indicating the financial benefit for shareholders.