Consider the Following Scenario to Answer the Next Four Questions

question 4

Multiple Choice

Consider the following scenario to answer the next four questions: Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours to bake 1 loaf of bread and one hour to make 1 pie. Joey takes four hours to bake 1 loaf of bread and four hours to make 1 pie.
-Specialization and trade allow individuals to:

• A) consume outside their own production possibilities frontier (PPF).
• B) shift their PPF outward.
• C) produce more goods with less technology.
• D) eliminate scarcity.
• E) produce fewer goods with less technology.

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Definitions:

Tariff Rates

Taxes imposed by a government on imported or exported goods.

Independent Commission

An autonomous body established to investigate, analyze, or oversee specific issues or areas, often governmental or industry-related, without bias.

Theodore Roosevelt

The 26th President of the United States, known for his progressive policies, leadership in the early 20th century, and role in mediating the end of the Russo-Japanese War.

Conservation

The sustainable management and preservation of natural resources, such as forests, water, and wildlife, to protect ecosystems and biodiversity for future generations.