Figure 3-5 Puneet's Production Possibilities Frontier Chirag's Production Possibilities Frontier

question 337

Multiple Choice

Figure 3-5
Puneet's Production Possibilities Frontier Chirag's Production Possibilities Frontier
-Refer to Figure 3-5.Puneet has an absolute advantage in the production of

• A) purses and Chirag has an absolute advantage in the production of wallets.
• B) wallets and Chirag has an absolute advantage in the production of purses.
• C) both goods and Chirag has an absolute advantage in the production of neither good.
• D) neither good and Chirag has an absolute advantage in the production of both goods.

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Definitions:

Conciliation

A process in dispute resolution where an impartial third party, the conciliator, assists the conflicting parties to reach a voluntary, amicable settlement.

Mediation

A form of alternative dispute resolution where a neutral third party helps disputing parties find a mutually satisfactory solution to their conflict.

Diversity of Citizenship

A legal principle allowing federal courts to hear cases in which the parties are citizens of different states or countries.

Federal Substantive Law

Pertains to the body of law that creates, defines, and regulates the rights and duties of parties within the United States federal legal system.