Based on Figure 1, choose the right statement. Assume that cloth is the labor- intensive commodity and that corn is the capital-intensive commodity. 1) The output of cloth less than doubled because of lack of enough demand. O 2) The output of cloth less than doubled because capital is not used in the cloth production. 03) The output of cloth less than doubled because labor is the only factor of production. .O The output of cloth less than doubled because only labor increased. 4) Figure 1. Economic growth Com (Tons) 80 70 130 250 Cloth (Yards)

Based on Figure 1, choose the right statement. Assume that cloth is the labor- intensive commodity and that corn is the capital-intensive commodity. 1) The output of cloth less than doubled because of lack of enough demand. O 2) The output of cloth less than doubled because capital is not used in the cloth production. 03) The output of cloth less than doubled because labor is the only factor of production. .O The output of cloth less than doubled because only labor increased. 4) Figure 1. Economic growth Com (Tons) 80 70 130 250 Cloth (Yards)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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