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Table 9-11 Output Per Hour Production and Production

question 37

Multiple Choice

Table 9-11
Output per hour Production and Production
of work Consumption without Trade with Trade
Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade.
-Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize consume?

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Definitions:

Optimal Consumption Bundle

The combination of goods and services that maximizes a consumer's utility, given their budget constraint and the prices of goods and services.

Utility

A measure of satisfaction, usefulness, or pleasure obtained from consuming goods and services.

Cappuccino

A beverage consisting of espresso, warm milk, and a layer of frothy milk on top.

Budget Line

A graphical depiction of all possible combinations of two goods that a consumer can purchase at given prices and within their income level.