7. Which of these items restricts our choices so that we must make tradeoffs? a) time...

7. Which of these items restricts our choices so that we must make tradeoffs? a) time and personal preferences b) time and money c) time, money, and personal preferences d) money and personal preferences

9.Using the productivity rates for Spain and Portugal, which statement is TRUE? spain 500 oranges 250 olives portugal 400 oranges 100 olives

a) Spain has a comparative advantage in olives. b) Both Spain and Portugal have a comparative advantage in olives. c) Both Portugal and Spain have a comparative advantage in oranges. d) Portugal has a comparative advantage in olives.

Expert Solution

Answer : 7) The correct option is b.

For example, you have $10 , and let for three days in your city happens a concert whose ticket price for 1st day is $9 and for 2nd day is $10 and for 3rd day is $12. Now here first two days ticket price is in your budget and so, you will try to go in concert on any one of first two days. Let for 1st day you have no time to go in concert but you are free for 2nd day concert whose ticket price is higher than the 1st day but still it is in your budget and finally you will go in second day concert. Therefore, here you are compromising to go in concert for your time and for your limited money which is known as trade-offs.

9) The correct option is b.

Because in Spain , opportunity cost is 500/250 = 2. This means in Spain the productivity rate for oranges is 2 where the productivity rate for olives is 1.

Similarly, in Portugal the opportunity cost is 400/100 = 4. This means in Portugal the productivity rate for oranges is 4 and the productivity rate for olives is 1.

Therefore, here in both countries the productivity rate for olives is same, i.e., 1. Hence both countries in olives production has the comparative advantage.

Rahul Sunny answered 1 year ago

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