Question
In the world there are two countries and these countries are producing only two products. In the table the amount of inputs in the production
In the world there are two countries and these countries are producing only two products. In the table the amount of inputs in the production of the one unit of the product are given. Based on the table below which one of the following statements is correct?
| South Korea | Thailand |
Mobile Phone | 9 | 11 |
TV | 12 | 16 |
Your answer: | |
---|---|
South Korea has absolute efficiency only in the production of TV | |
Thailand has relative efficiency in the production of mobile phone | |
Thailand has absolute efficiency only in the production of TV | |
South Korea has relative efficiency in the production of mobile phone | |
South Korea has absolute efficiency only in the production of mobile phone |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started