Multiple Choice
The following table indicates the production possibilities of food and clothing per worker day in the United States and Japan. Which of the following is true?
A) No gains from trade are possible.
B) Joint output would be maximized if the United States specialized in producing clothing and Japan in producing food.
C) Mutual gains from trade could be realized if the United States specialized in food production and Japan in clothing production.
D) The Japanese are the high-cost producers of both food and clothing.
Correct Answer:

Verified
Correct Answer:
Verified
Q165: Firms in a high-wage nation such as
Q166: For each watch Denmark produces, it gives
Q167: What benefits are to be gained from
Q168: Figure 17-9 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Figure 17-9
Q169: Economists consider tariffs to be<br>A) necessary for
Q171: Which of the following is true?<br>A) Specialization
Q172: Which of the following has occurred since
Q173: If import restrictions prohibit foreigners from selling
Q174: Figure 17-9 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Figure 17-9
Q175: Figure 17-5 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Figure 17-5