Table 2-17 Table 2-17 Shows the Output Per Week of Week

question 465

Multiple Choice

Table 2-17
Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
-Refer to Table 2-17. Which of the following statements is true?

• A) Lucy has an absolute advantage in making both products.
• B) James has an absolute advantage in making both products.
• C) Lucy has an absolute advantage in making wagons and James in making tricycles.
• D) James has an absolute advantage in making tricycles and Lucy in making wagons.

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Definitions:

Empirical Approach

A method of gaining knowledge through direct observation, experience, or experimentation, emphasizing evidence-based conclusions.

Humanistic Psychology

A psychological perspective that emphasizes the study of the whole person and inner feelings to understand behavior.

Structuralism

An early school of thought promoted by Wundt and Titchener; used introspection to reveal the structure of the human mind.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.