Table 3-8 Assume That Huang and Min Can Switch Between Producing Parasols

question 133

Multiple Choice

Table 3-8
Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate.

-Refer to Table 3-8.Min has an absolute advantage in the production of

• A) plates and a comparative advantage in the production of plates.
• B) parasols and a comparative advantage in the production of plates.
• C) neither good and a comparative advantage in the production of parasols.
• D) neither good and a comparative advantage in the production of plates.

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Definitions:

Allocation

The process of assigning resources, time, or effort to specific tasks or projects based on priorities and objectives.

Top Management

The highest level of managers in an organization, typically responsible for strategic decisions and overall operations.

Planning

Planning involves setting goals and determining the most effective course of action to achieve those goals.

Long-term Plans

Strategic roadmaps developed to achieve goals and objectives over an extended period, typically beyond one year.