Table 3.3 -Consider Two Individuals,Bob and Jerry,who Produce Guitars and Banjos.Bob and Banjos.Bob

question 25

Multiple Choice

Table 3.3
-Consider two individuals,Bob and Jerry,who produce guitars and banjos.Bob and Jerry's weekly productivity are shown in Table 3.3.Which of the following is true?

• A) Bob has an absolute advantage in producing both goods, and a comparative advantage in producing guitars.
• B) Bob has an absolute advantage in producing both goods, and a comparative advantage in producing banjos.
• C) Bob has an absolute and a comparative advantage in producing both goods.
• D) Bob has an absolute advantage in producing both goods, but no one has a comparative advantage in producing either good.

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Definitions:

Self-expression

The demonstration of one's personality, beliefs, or ideas through words, clothing, and other forms of personal expression.

Self-sufficiency

Self-sufficiency refers to the ability of an individual, community, or nation to meet its needs without external assistance.

Functional Products

Goods designed primarily for their utility and performance rather than their aesthetic qualities.

Achievement-motivated

A characteristic of individuals who are driven by a strong desire to accomplish significant goals, often seeking out challenges and demonstrating persistence.