Table 2-9 Table 2-9 Shows the Output Per Week of Week

question 310

Multiple Choice

Table 2-9
Table 2-9 shows the output per week of two jewelers, Serena and Haley. They can either devote their time to making bracelets or making necklaces.
-Refer to Table 2-9. Which of the following statements is true?

• A) Haley has a comparative advantage in making both products.
• B) Serena has a comparative advantage in making both products.
• C) Haley has a comparative advantage in making bracelets and Serena in making necklaces.
• D) Haley has a comparative advantage in making necklaces and Serena in making bracelets.

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Definitions:

Economic Role

The functions and responsibilities that different entities (individuals, firms, governments) play in the economy.

Government

The governing body of a nation, state, or community which makes and enforces laws, policies, and regulations.

Interest Payments

The amount paid by a borrower to a lender as a charge for the use of borrowed money, typically expressed as an annual percentage of the principal.

National Debt

The total amount of money that a country's government has borrowed, typically as a result of budget deficits, and is yet to repay.