Table 2-21
-Refer to Table 2-25. This table shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland.
a. Which country has an absolute advantage in the production of motorcycles?
b. Which country has an absolute advantage in the production of guitars?
c. What is Ireland's opportunity cost of producing one motorcycle?
d. What is Scotland's opportunity cost of producing one motorcycle?
e. What is Ireland's opportunity cost of producing one guitar?
f. What is Scotland's opportunity cost of producing one guitar?
g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce motorcycles?
h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce guitars?
Definitions:
Personality Traits
Enduring characteristics or qualities that define an individual’s patterns of thought, emotion, and behavior.
Extroversion
A personality trait characterized by sociability, assertiveness, and talkativeness.
Strategic Decisions
Higher-level choices made by an organization's management that significantly impact the overall direction and success of the organization.
Conceptual Skills
The ability to understand complex ideas and the relationship between them, which is crucial for high-level problem-solving and strategic planning.
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