Smith and Jones Comprise a Two-Person Economy

question 6

Multiple Choice

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below.

-Suppose Smith and Jones begin at the point of producing 0 computers and 220 calculators in one hour.If they wish to produce 2 computers and 200 calculators in one hour,then Smith will spend __________ and Jones will spend __________.

• A) 30 minutes on each;30 minutes on each.
• B) 48 minutes on computers and 12 minutes on calculators;1 hour on calculators.
• C) 1 hour on calculators;10 minutes on computers and 50 minutes on calculators.
• D) 6 minutes on computers and 54 minutes on calculators;10 minutes on computers and 50 minutes on calculators.
• E) 12 minutes on computers and 48 minutes on calculators;1 hour on calculators.

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Definitions:

Value-Expressive

Refers to a function of attitudes where individuals express core values and beliefs through their preferences and behaviors.

Normative

Pertaining to norms or standards, often involving rules or guidelines that dictate correct or expected behavior within a society or group.

Informational

In marketing, this term often relates to messages or media that provide consumers with factual data and details about a product's benefits, features, or usage.

Bandwagon Effect

The tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so, often used in marketing to drive product popularity.