Table 351
Full-Employment Output of Goods Based on the Information in Sovbeans

question 104

Multiple Choice

$\begin{array}{|c|c|c|}\hline \text { Country } & \text { Tons of Sovbeans } & \text { Computers } \\\hline \text { China } & 100 & 300 \\\hline \text { United States } & 150 & 750 \\\hline\end{array}$
Table 35.1
Full-Employment Output of Goods Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods.For trade to be mutually beneficial for both countries, the terms of trade will be such that 1 ton of soybeans will exchange for

• A) More than 3 computers but less than 5.
• B) More than 1/5 of a computer but less than 1/3.
• C) Less than 3 computers.
• D) Zero computers.

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Definitions:

Prior Experience

refers to the knowledge or skill that a person has gained before the current point in time or event.

TV

Short for television, a telecommunication medium used for transmitting moving images and sound, serving as a primary source of entertainment, news, and information.

Decision Making Process

The cognitive process leading to the selection of a course of action among several alternatives, often involving a recognition of the problem, information gathering, evaluation of alternatives, and making a final decision.

Herbert Simon

An American economist, political scientist, and cognitive psychologist known for his contributions to decision-making theory and bounded rationality.