In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per cookie for Mohammed is
a. 5
b. 5 sweaters
c. 48 sweaters
d. 1/48 of a sweater
e. 48 cookies
QUESTION 2In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is
a. 240
b. 240 cookies
c. 48 sweaters
d. 1/48 of a cookie
e. 48 cookies
QUESTION 3In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. In this example,
a. Mohammed has the absolute and comparative advantage in both tasks
b. Tetah has the absolute and comparative advantage in both tasks
c. Mohammed has the absolute advantage in both tasks and the comparative advantage in knitting sweaters
d. Tetah has the absolute advantage in both tasks and the comparative advantage in knitting sweaters
e. Mohammed has the absolute advantage in both tasks and the comparative advantage in baking cookies
QUESTION 4If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then
a. Sarah has a comparative advantage in shoemaking
b. Daniel has a comparative advantage in shoemaking
c. Sarah has an absolute and a comparative advantage in shoemaking
d. Daniel has an absolute and a comparative advantage in shoemaking
e. Sarah has an absolute advantage in shoemaking
QUESTION 5Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Josh is
a. painting one room
b. painting 1/40 of a room
c. painting 1/60 of a room
d. painting 2/3 of a room
e. painting 3/2 of a room
QUESTION 6Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Helen is
a. painting one room
b. painting 1/40 of a room
c. painting 1/60 of a room
d. painting 2/3 of a room
e. painting 3/2 of a room
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