2.2 Test Bank 2024/2025 updated Questions And Answers 100% correct Verified

You have an absolute advantage whenever you can produce more of something than others with the same resources. Refer to Table 2-6. Which of the following statements is true? Haley has an absolute advantage in making bracelets and Serena in making necklaces. Refer to Table 2-6. What is Haley's opportunity cost of making a bracelet? 1 1/3 necklaces Refer to Table 2-6. What is Haley's opportunity cost of making a necklace? 3/4 of a bracelet Refer to Table 2-6. What is Serena's opportunity cost of making a bracelet? 2 necklaces Refer to Table 2-6. What is Serena's opportunity cost of making a necklace? 1/2 of a bracelet Refer to Table 2-6. Which of the following statements is true? Haley has a comparative advantage in making bracelets and Serena in making necklaces. Refer to Table 2-7. Which of the following statements is true? Barney has an absolute advantage in making both products. Refer to Table 2-7. What is Fred's opportunity cost of making a pogo stick? 1/3 unicycle