?Hair Pins /hourBandanas /hourNigel410Mia93Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Which of the following is true?
A. Nigel has both an absolute and comparative advantage in producing hair pins
B. Nigel has both an absolute and comparative advantage in producing bandanas
C. Nigel has neither an absolute nor comparative advantage in producing hair pins.
D. Nigel has neither an absolute nor a comparative advantage in producing bandanas.
Answer: B
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Canada is classified by the International Monetary Fund as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) a natural-resource based economy.
Firms have a competitive advantage when
a. They can deliver the same product benefits as their competitors but at a lower cost b. They can deliver superior product at a similar cost c. Both of the above d. None of the above