Table 2-4 Table 2-4 Shows the Number of Labor Hours Required to of Labor

question 80

Multiple Choice

Table 2-4

Table 2-4 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 2-4.Does either China or South Korea have an absolute advantage and if so,in what product?

• A) South Korea has an absolute advantage in wheat.
• B) China has an absolute advantage in wheat.
• C) South Korea has an absolute advantage in both products.
• D) China has an absolute advantage in digital cameras.

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Definitions:

Excise Tax

A type of indirect tax imposed on specific goods, such as tobacco and alcohol, often with the aim of reducing their consumption or generating revenue.

Public Golf Courses

Golf facilities that are owned by a government entity and are open to the public, typically requiring payment of a fee for use.

Regressive Tax

A tax system where the tax rate decreases as the taxable amount increases, leading to a higher burden on lower-income individuals.

High-Income

A category used to describe individuals or households that earn significantly more money than the average for their area or country.