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:

Descriptive Statistics

Statistical methods used to summarize, describe, and present data in an informative way, typically through measures of central tendency and variability.

External Validity

The extent to which the results of a study can be generalized to other situations, populations, or environments.

Greater Population

Refers to the larger portion or majority of individuals within a specified group or area.

Informed Consent

A research participant’s agreement to take part in the study, based on full information about what the experiment will involve.