Table 1 Minnie Hats Umbrellas Mickey 50 40 10 Table 1 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hats or making umbrellas. 1) Refer to Table 1. Which of the following statements is true? A) Mickey has an absolute advantage in making both products. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. 2) Refer to Table 1. What is Minnie's opportunity cost of making a hat? A) 1/5 of an umbrella B) 1/4 of an umbrella C) 4 umbrellas D) 10 umbrellas 3) Refer to Table 1. What is Mickey's opportunity cost of making a hat? A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas 4) Refer to Table 1. Which of the following statements is true? A) Minnie has a comparative advantage in making both products. B) Mickey has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.

Table 1 Minnie Hats Umbrellas Mickey 50 40 10 Table 1 shows the output per week of two people, Minnie and Mickey. They can either devote their time to making hats or making umbrellas. 1) Refer to Table 1. Which of the following statements is true? A) Mickey has an absolute advantage in making both products. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. 2) Refer to Table 1. What is Minnie's opportunity cost of making a hat? A) 1/5 of an umbrella B) 1/4 of an umbrella C) 4 umbrellas D) 10 umbrellas 3) Refer to Table 1. What is Mickey's opportunity cost of making a hat? A) 1/10 of an umbrella B) 1/5 of an umbrella C) 5 umbrellas D) 10 umbrellas 4) Refer to Table 1. Which of the following statements is true? A) Minnie has a comparative advantage in making both products. B) Mickey has a comparative advantage in making both products. C) Minnie has a comparative advantage in making hats and Mickey in making umbrellas. D) Mickey has a comparative advantage in making hats and Minnie in making umbrellas.

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Description: Table 1MinnieHatsUmbrellasMickey5040105Table 1 shows the output per week of two people, Minnie and Mickey. They can either devotetheir time to making hats or making umbrellas.1) Refer to Table 1. Which of the following statements is true?A) Mickey h

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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