If Irene Can Make Either Four Chairs or One Table

question 28

Multiple Choice

If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour then

• A) Irene has the absolute advantage in the production of chairs.
• B) Irene has the comparative advantage in the production of tables.
• C) Greg has the absolute advantage in the production of chairs.
• D) Greg has the comparative advantage in the production of chairs.

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Definitions:

Good First Serves

A term generally used in tennis indicating the number of successful initial serves in a match.

Probability

A measure of the likelihood or chance that a particular event will occur.

Overbooks

The practice of selling more tickets or reservations than available capacity, commonly used by airlines and hotels to compensate for no-shows.

Probability

The calculation of an event's chance of happening, depicted on a scale from 0 to 1.