Table 2-10
-Refer to Table 2-10.This table shows the number of labor hours required to produce a wristwatch and a bushel of rice in Japan and Thailand.
a.Which country has an absolute advantage in the production of wristwatches?
b.Which country has an absolute advantage in the production of rice?
c.What is Japan's opportunity cost of producing one wristwatch?
d.What is Thailand's opportunity cost of producing one wristwatch?
e.What is Japan's opportunity cost of producing one pound of rice?
f.What is Thailand's opportunity cost of producing one pound of rice?
g.If each country specializes in the production of the product in which it has a comparative advantage,who should produce wristwatches?
h.If each country specializes in the production of the product in which it has a comparative advantage,who should produce rice?
Definitions:
Type I Error
The incorrect rejection of a true null hypothesis in hypothesis testing, also known as a false positive.
Type II Error
The error made by failing to reject a false null hypothesis, also known as a false negative.
Increasing
A term indicating that something is growing or becoming larger in size, number, value, or quality.
Type I Error
The incorrect rejection of a true null hypothesis, also known as a "false positive".
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