-Huey and Steve Can Grow Potatoes or Tomatoes

question 247

Multiple Choice

-Huey and Steve can grow potatoes or tomatoes.The table above shows the pounds of potatoes and tomatoes Huey and Steve can grow in a week.Based on the table,which of the following statements is correct?

• A) Steve has an absolute advantage in both potatoes and tomatoes.
• B) Steve has a comparative advantage in both potatoes and tomatoes.
• C) Steve has an absolute advantage in potatoes only.
• D) Huey has an absolute advantage in potatoes only.
• E) Huey has an absolute advantage in both potatoes and tomatoes.

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Definitions:

Consideration

A legal concept in contract law referring to something of value exchanged between parties to a contract, a requirement for the contract to be binding.

Accounts Receivable

Represents money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Subsequent Assignment

The act of transferring rights or obligations to another party after the original assignment has already taken place.

Superior Rights

Legal or contractual rights that have precedence or higher priority over others in a specific situation.