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Author Question: Allowing free trade can lead to greater output because of the principle of: a. absolute advantage. ... (Read 65 times)

daltonest1984

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on: Jun 30, 2018
Allowing free trade can lead to greater output because of the principle of:
 a. absolute advantage.
 b. rule of 70.
 c. comparative advantage.
  d. scarcity.

Question 2

Bob and Bill can make 16 toys each if they devote 8 working hours in a day. Further, Bob can repair 4 cars and Bill can repair 2 cars, if they devote 8 working hours in a day. When these two individuals engage in trade, it would be advantageous for both if:
 a. Bob specializes in the production of toys and Bill specializes in car repairing.
  b. Bob specializes in car repairing and Bill specializes in the production of toys.
  c. they specialize only in car repairing.
  d. they specialize only in the production of toys.
  e. they distribute their working hours evenly between the production of two goods.


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underwood14

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


daltonest1984

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

shewald78

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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