A model refers to:
A) a perfect replica of reality.
B) a simplified description, or representation, of reality.
C) facts, measurements, or statistics that describe the world.
D) a set of facts established by observation and measurement.
Question 2
Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities.
A) Blue Violet has a comparative advantage in teapots.
B) Sweet Pansy has a comparative advantage in teapots.
C) Both have a comparative advantage in teapots.
D) Sweet Pansy has an absolute advantage in teapots.