Graph 3-2 These Figures Illustrate the Production Possibilities Available

question 33

Multiple Choice

Graph 3-2 These figures illustrate the production possibilities available to Amy and Jim with 8 hours of labour.
-According to Graph 3-2:

• A)Amy has an absolute advantage in both goods, and Jim has an absolute advantage in neither goods
• B)Amy has an absolute advantage in neither goods, and Jim has an absolute advantage in both goods
• C)Amy has an absolute advantage in coffee, and Jim has an absolute advantage in doughnuts
• D)Amy has an absolute advantage in doughnuts, and Jim has an absolute advantage in coffee

---

Definitions:

Organizational Ownership

Pertains to the rights and responsibilities of possessing an organization, including control over its operations and entitlement to its profits or losses.

Formal Documents

Official documents that follow a set format or structure and are often used for legal, official, or formal purposes.

Status Groups

Groups within society that are differentiated by characteristics such as prestige, honor, lifestyle, and education rather than by economic position alone.

Max Weber

A German sociologist, economist, and political scientist known for his ideas on social theory and the study of society, particularly regarding bureaucracy, the religion and economy connection, and social stratification.