Figure 34-5 ​

question 62

Multiple Choice

Figure 34-5
​
-From the graph in Figure 34-5 (curves show output per unit of labor input) , one can infer that

• A)Japan has an absolute advantage in TVs and computers, but a comparative advantage only in TVs.
• B)Japan has only a comparative advantage in TVs.
• C)Japan has an absolute advantage in both TVs and computers, but a comparative advantage only in computers.
• D)China has a comparative advantage in computers.

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Definitions:

Local Businesses

Independent or small-scale enterprises that operate within a specific geographical area, contributing to the local economy and often offering goods or services unique to that region.

Labor Force

The total number of people eligible to work, including both the employed and the unemployed who are seeking work.

Leisure

Free time when one is not working or occupied, allowing for relaxation, hobbies, and personal activities.

Nonpaid Labor

Work that does not receive financial compensation, often seen in domestic tasks, volunteer work, or internship experiences.