AACSB: Reflective Thinking Blooms: Understand Learning Objective: 02-03 Define specialization and explain why people specialize. Topic: Specialization 136. Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Because Tom has a ____________ opportunity cost for one bomb compared to Jerry, we know Tom has _________________________. AACSB: Reflective Thinking Blooms: Remember Learning Objective: 02-02 Define absolute and comparative advantage. Topic: Comparative Advantage 137. Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Jerry has a comparative advantage in: AACSB: Reflective Thinking Blooms: Remember Learning Objective: 02-02 Define absolute and comparative advantage. Topic: Opportunity Costs
AACSB: Reflective Thinking Blooms: Understand Learning Objective: 02-03 Define specialization and explain why people specialize. Topic: Specialization 136. Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Because Tom has a ____________ opportunity cost for one bomb compared to Jerry, we know Tom has _________________________. AACSB: Reflective Thinking Blooms: Remember Learning Objective: 02-02 Define absolute and comparative advantage. Topic: Comparative Advantage 137. Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. Jerry has a comparative advantage in: AACSB: Reflective Thinking Blooms: Remember Learning Objective: 02-02 Define absolute and comparative advantage. Topic: Opportunity Costs
Test-bank-for-Economics-1st-edition-Dean-Karlan.docx