Table 2.8 Table 2.8 Shows the Number of Labour Hours Required to of Labour

question 2

Multiple Choice

Table 2.8

Table 2.8 shows the number of labour hours required to produce a motorcycle and a guitar in Ireland and Scotland.
-Refer to Table 2.8. Scotland has a comparative advantage in the production of:

• A)both products.
• B)guitars.
• C)motorcycles.
• D)neither product.

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Definitions:

Determinants

Factors or elements that bring about an outcome or influence a result.

Classification System

An organized method for categorizing and systematizing objects or information based on established criteria.

Job Evaluation

A systematic process used to assess the relative value of jobs within an organization, for the purpose of establishing fair compensation.

Private Pension Plans

Retirement plans funded and maintained by private sector employers, providing employees with a fixed or variable pension payment upon retirement, separate from government pension schemes.