Table 24 Table 2

question 166

Multiple Choice

Table 2.4 Table 2.4 shows the output per week of two jewellers, Serena and Haley.They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2.4.Which of the following statements is true?

• A)Haley has an absolute advantage in making both products.
• B)Serena has an absolute advantage in making both products.
• C)Haley has an absolute advantage in making bracelets and Serena in making necklaces.
• D)Haley has an absolute advantage in making necklaces and Serena in making bracelets.

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Definitions:

Surplus Labor

Refers to the portion of labor capacity that exceeds the necessary labor for producing a desired output.

Referrals

People who apply for a vacancy because someone in the organization prompted them to do so.

Vacancy

An unoccupied position or job opening within an organization.

Labor Shortages

A situation where the demand for labor in a particular market or industry exceeds the supply of workers willing or available to work.