Consider the Following Household

question 88

Multiple Choice

Consider the following household.In 5 hours, Bob can cook 5 meals or clean 6 rooms.In 5 hours, Mary can cook 30 meals or clean 10 rooms.Select the best statement.

• A)Mary has a comparative advantage in cooking and cleaning.
• B)Bob has a comparative advantage in cooking.
• C)Bob has an absolute advantage in the production of both goods.
• D)Mary has a comparative advantage in cooking.
• E)Since Mary is better at producing both goods, she should produce both.

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Definitions:

Normally Distributed

A symmetrically shaped probability distribution around the mean, indicating a greater frequency of occurrences for data points close to the mean versus those that are remote.

Average Starting Salary

The mean initial compensation received by employees in their new positions across a specific sector or within a company.

Standard Deviation

is a measure of the amount of variability or spread in a set of data.

Normally Distributed

This describes a probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.