Table 14-3 Karl Can Produce Either 10 Tonnes of Oranges or 5

question 36

Multiple Choice

Table 14-3
Karl can produce either 10 tonnes of oranges or 5 tonnes of apples in a year, while Adam can produce either 5 tonnes of oranges or 10 tonnes of apples.
-Refer to Table 14-3.Which of the following statements about trade is the most accurate?

• A)Karl has an absolute advantage and a comparative advantage in apples.
• B)Karl has an absolute advantage in oranges and a comparative advantage in oranges.
• C)Karl has an absolute advantage in both apples and oranges.
• D)Adam has an absolute advantage in oranges and a comparative advantage in apples.

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Definitions:

Continuous Random Variable

A random variable that can take an infinite number of values within a given range.

Continuous Probability Distributions

Describes the distribution of possible values for a continuous random variable, where any value within an interval can be a possible outcome.

Continuous Random Variable

A variable that can take an infinite number of values within a given range.

Continuous Random Variable

A type of random variable that can take an infinite number of values within a given range, reflecting outcomes of continuous measurements.