Figure 16-4 Number of Workers Needed to Produce One Unit of Each

question 27

Multiple Choice

Figure 16-4
Number of workers needed to produce one unit of each of the following goods:

-In Figure 16-4,which of the following is true?

• A)Gains from trade are possible if Korea produces radios and Colombia produces calculators.
• B)No gains from trade are possible since neither country has an absolute advantage in producing both radios and calculators.
• C)Gains from trade are not possible if Korea produces calculators and Colombia produces radios.
• D)No trade will occur because neither country has a comparative advantage in producing either good.
• E)No trade will occur because neither country has a comparative advantage in producing both radios and calculators.

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Definitions:

Individuals

Unique human beings possessing their own characteristics, beliefs, and personalities.

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An individual's belief in their own abilities and capacities to achieve specific outcomes or handle specific tasks.

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Information, understanding, or skills acquired through experience or education; the theoretical or practical understanding of a subject.

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