Micro Econ Ch 8

(Table: Four Persons) The table lists the minutes that it will take four persons to wash a car and to sort and fold a load of laundry. Use the data to answer the question. What is Jason's opportunity cost for sorting and folding a load of laundry?

0.5 of a car will not be washed.

(Table: Four Persons) The table lists the minutes that it will take four persons to wash a car and to sort and fold a load of laundry. Use the data to answer the question. What is Junko's opportunity cost for washing a car?

2.4 loads of laundry will not be sorted and folded.

The table shows the units of output a worker can produce per hour in Germany and Korea for two different goods: spaetzle and kimchi. Use this table to answer the question. Which of the statements is true?

Germany has a comparative advantage in the production of spaetzle, while Korea has a comparative advantage in the production of kimchi.

In a single day, Gregory can bake 10 muffins, and Gabriella can bake 5 muffins. We know that _____ has a(n) ______ advantage in baking muffins.

Gregory; absolute

(Table: Cooking Time) The table provides data on how long it takes Marla and Jason to cook lasagna and chicken curry. Which statement explains who has a comparative advantage in cooking chicken curry?

Jason, because he has a lower opportunity cost than Marla

If Mary can bake a cake at a lower opportunity cost than Sarah can, then:

Mary has a comparative advantage in baking cakes.

Mana has a comparative advantage in baking cakes. This means that she:

gives up less to bake a cake than other bakers give up to bake a cake.

A person with the ______ opportunity cost of producing a particular good is said to have _____.

lowest; a comparative advantage in the production of that good

The following table indicates the labor hours needed to produce one unit of output. Kate has a comparative advantage in ______, and Mary has a comparative advantage in ______.

sweaters, dresses