The Table Given Below Represents Butter and Ham Production by Two

question 86

Multiple Choice

The table given below represents butter and ham production by two countries Norway and Sweden.Table 2.5

-Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?

• A)Japan has the comparative advantage in food production.
• B)The United States has the comparative advantage in food production.
• C)The United States has the absolute advantage in food production.
• D)The United States has a lower opportunity cost for making computers.
• E)Japan has a lower opportunity cost for making food.

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Definitions:

Standard Deviation

A measure of the dispersion or spread of a set of data from its mean value.

Process Distribution Mean

The average value or central tendency of a distribution for a process' outcomes over a period of time.

Common Variation

Variability in data that is shared among all observations or variables being studied.

Randomly Occurring

Randomly occurring refers to events or phenomena that happen without a predictable pattern, often analyzed in probability and statistics to understand patterns and occurrences in data.