Suppose That a Worker in Country a Can Make Either

question 38

Multiple Choice

Suppose that a worker in Country A can make either 10 iPhones or 5 iPads each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPhones or 10 iPads each year. Country B has 200 workers. Country A would be using resources efficiently if it was producing:

• A) (500 iPhones, 100 iPads).
• B) (500 iPhones, 150 iPads).
• C) (500 iPhones, 200 iPads).
• D) (500 iPhones, 250 iPads).

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Definitions:

Void

Having no legal force or effect; not legally binding or enforceable.

Holder in Due Course

A legal term in commercial law for a person who has acquired a negotiable instrument in good faith and for value, and thus has certain protections.

Instrument

A formal document, such as a contract, will, or legal filing, that records and formalizes rights, obligations, or transactions.

Gift

A transfer of personal property by one individual to another without any consideration or payment.