Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
a. Japan has the comparative advantage in food production.
b. The United States has the comparative advantage in food production.
c. The United States has the absolute advantage in food production.
d. The United States has a lower opportunity cost for making computers.
e. Japan has a lower opportunity cost for making food.
Question 2
Which of the following are consequences of inflation?
a. It increases the burdens on people with fixed incomes when inflation is not anticipated.
b. It hurts savers who did not anticipate how high the inflation was, but helps those who have borrowed at a fixed rate before the inflation became apparent.
c. Inflation imposes costs on people who devote resources to protecting themselves from expected inflation.
d. all of the above
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