Table 2-8 Table 2-8 Shows the Number of Labor Hours Required to of Labor

question 54

Multiple Choice

Table 2-8

Table 2-8 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
-Refer to Table 2-8.South Korea has a comparative advantage in the production of

• A)wheat.
• B)digital cameras.
• C)both products.
• D)neither product.

---

Definitions:

Total Output

The aggregate amount of goods and services produced by an economy over a specific time period.

Marginal Revenue Product

The increased earnings obtained from utilizing an extra unit of an element, such as labor or capital.

Input

refers to the resources, materials, or labor used in the production of goods and services.

Units

Basic quantities or measurements used to express variables in various contexts, such as items, people, or currency.