Suppose Jim and Tom Can Both Produce Baseball Bats

question 93

Multiple Choice

Suppose Jim and Tom can both produce baseball bats.If Jim's opportunity cost of producing baseball bats is lower than Tom's opportunity cost of producing baseball bats,then

• A)Tom must have an absolute advantage in the production of baseball bats.
• B)Jim must have an absolute advantage in the production of baseball bats.
• C)Tom has a comparative advantage in the production of baseball bats.
• D)Jim has a comparative advantage in the production of baseball bats.

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Definitions:

Eighteenth Century

The period from January 1, 1701, to December 31, 1800, in the Gregorian calendar, marked by significant cultural, political, and technological changes worldwide.

Financial Strains

indicates a state of economic distress experienced by individuals, families, or organizations, often leading to difficult financial decisions and adjustments.

Colonial Governors

Officials appointed to govern a colony, representing the interests of the colonizing country.

Colonial Assemblies

Legislative bodies in the American colonies where elected representatives of the colonists gathered to make local laws, levy taxes, and ensure their interests were represented.