Table 2-14 Table 2-14 Shows the Number of Labor Hours

question 273

Multiple Choice

Table 2-14
Table 2-14 shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland.
-Refer to Table 2-14. If the two countries specialize and trade, who should export guitars?

• A) There is no basis for trade between the two countries.
• B) Ireland
• C) Scotland
• D) They should both be exporting guitars.

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Definitions:

Consumption

The employment of products and services by individual consumers or households.

Utility Function

A mathematical representation expressing a consumer's preference ranking system for different bundles of goods, measuring satisfaction derived from consumption.

Consumptions

The use of goods and services by households or an economy, including the process by which commodities are utilized to satisfy needs or desires.

Apples

A popular fruit known for its variety of types and uses in food, beverages, and as a raw snack.