Table 2.6 Table 2.6 Shows the Number of Labour Hours Required to of Labour

question 167

Multiple Choice

Table 2.6

Table 2.6 shows the number of labour hours required to produce a digital camera and a kilo of wheat in China and South Korea.
-Refer to Table 2.6. China has a comparative advantage in the production of:

• A)wheat
• B)digital cameras
• C)both products
• D)neither product

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Definitions:

False Confidence

An unfounded belief in one's abilities or outcomes, which can lead to taking undue risks or making poor decisions.

Glass Ceiling Effect

An invisible barrier limiting career advancement of women and members of visible minorities.

Stereotyping

The oversimplified and generalized perception or judgment of a group of people based on common traits or attributes.

Psychological Contract

An unwritten agreement that reflects the mutual beliefs, perceptions, and informal obligations between an employer and its employees.