These Figures Illustrate the Production Possibilities Available to Barney and Betty

question 195

Multiple Choice

These figures illustrate the production possibilities available to Barney and Betty with 8 hours of labor in their baker
Figure 3-4

-Refer to Figure 3-4.Initially,Barney is spending one-half of his time making pies and the other one-half of his time making bread,and Betty is doing the same.Relative to this initial situation,Barney and Betty could specialize according to the principle of comparative advantage,and both could benefit from this new arrangement,provided they agree that one pie will trade for somewhere between

• A)1/2 loaf of bread and 4/3 loaves of bread.
• B)2/3 loaf of bread and 2 loaves of bread.
• C)3/4 loaf of bread and 2 loaves of bread.
• D)3/4 loaf of bread and 5/2 loaves of bread.

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Definitions:

Social Entrepreneurs

Individuals who pursue innovative solutions to social problems with the goal of creating social change, often combining resources in new ways.

Nonprofit

Organizations that operate without the primary goal of financial profit, focusing instead on philanthropic, social, educational, or other community-focused missions.

Ethical Decision-making Approaches

Methods and considerations used to make choices that reflect moral principles and values in personal actions or organizational policies.

Utilitarian Approach

Action that results in the greater good for the majority of people.