objective question

12) Refer to Table 2-7. Which of the folowing statements is true? A) Horace has a comparative advantage in both tasks. B) Tammi has a comparative advantage in both tasks C) Horace has a comparative advantage in grooming dogs and Tammi in bathing cats D) Horace has a comparative advantage in buthing cats and Tammi in grooming dogs 128) For each surfboard that Australia produces, it gives up the opportunity to make 25 boomerangs New Zealand can produce 1 surfboard for every 15 boomerangs it produces. Which of the following is trae about the comparative advantage between the two countries? A) Australia has the comparative advantage in surfboards B) Australia has the comparative advantage in boomerangs New Zealand has the comparative advantage in surfboards and boomerangs DI New Zealand has the comparative advantage in boomerangs Table 2-8 One Motorcycle One Guitar Ireland Scotland 20 hours 4 hours 8 hours 2 hours Table 2-8 shows the number of labour hours required to produce a motorcycle and a guitar in Ireland and Scotland 129) Refer to Table 2-8. Does either Ireland or Sotland have an absolute advantage and, if so in what product? A) Sootland only has an absolute advantage in guitars. B) Ireland only has an absolute advantage in guitars )Scotdland has an absolute advantage in both products D) Ireland only has an absolute advantage in motoncycles 130) Refer to Table 2-8 What is Ireland's opportunity cost of producing one motoncycle A) 02 of a guitar B)5 guitars Q8 guitars D) 32 gitars 131) Refer to Table 2-8. What is Sootland's opportunity cost of producing one motoncydle? A) 025 od a guitar B)4 guitars 12 guitars D) 16 guitars 132) Refer to Table 2-8. What is Ireland's opportunity cost of producing one guitar A) 02 of a motorcyde B)5motorcycles )8motorcycles D) 32 moboecycles 133) Refer to Table 2-8. What is Sootland's opportunity cost of producing one guitar A) 025 of a motorcydle B)4 motorcycles 12 motorcydes D) 16 motorcycles 134) Refer to Table 2-8. Ireland has a comparative advantage in the peodution of A) both products. B) guitars motoecycles. D) neither prodact 135) Refer to Table 2-8. Scotland has a comparative advantage in the production of A) both products B) guitars C) motorcycles D) neither prodat 136) Refer to Table 2-8. f the two countries specialise and trade, who should export guitans? A) There is no basis for trade between the two contries. Ireland OScotland D) They should both be exporting guitars 137) Refer to Table 2-8. If the two countries specialise and trade, who should export motoecycles? A) There is no basis for trade between the two countries. B) Ineland ) Scotland D) They should both be importing motorcycles. 138) As women's wages have risen relative to men's wages, the opportunity cost to women of doing housework has than the opportunity cost to men A) increased less B) increased more C decreased more D) decreased less MULTIPLE CHOICE Choose the one altemative that best completes the statement or answers the question 154) Which of the following is not a factor of production? A) An acre of farmland B) A drill press in a machine shop )The manager of the local tyre shop D)$1000 in cash 155) Which of the following is a factor of production? A) An oven in a bakery B)A share of General Motors' stock )A credit card D)A 5500 Treasury bond 156) An example of a factor of production is A) stock issued by Dell. B) the computers exported by Dell )a computer produced by Dell. D)a worker hired by Del. 157) f a commercial dairy farm wants to raise funds to purchase foeding troughs, it does so in the A) output market B) product market C) factor market D) dairy products market 158) The natural resources used in production are made available in the A) goods and services market B) product market Ogovernment market. D) factor market 159) When you purchase A) factor market. B) input market. C) product market. D) resource market pair of jeans you do so in the a new is called wages 160) The resource income earned by those who supply A) labour B) capital C) natural resources D) entrepreneurship