If Elaine Can Produce More Output from a Set Amount

question 66

Multiple Choice

If Elaine can produce more output from a set amount of resources than Jerry can,you know that:

• A) Elaine has a comparative advantage.
• B) Jerry has a comparative advantage.
• C) Elaine has an absolute advantage.
• D) Jerry has an absolute advantage.
• E) Elaine has a normative advantage.

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Definitions:

Shareholders' Resolution

A formal decision or expression of opinion made by the shareholders of a corporation, usually made during a shareholder meeting.

Corporate Law

A body of law that regulates the formation, governance, dissolution, and administration of corporations.

Sole Proprietorship

A business structure where a single individual owns, manages, and is personally responsible for all aspects of the business.

Shareholders

Individuals or entities that own shares in a corporation, giving them certain rights and a stake in its performance.