Multiple Choice
-Refer to Table 3-2. What does each producer have an absolute or comparative advantage in?
A) The rancher has an absolute advantage in both goods, and the farmer has a comparative advantage in meat.
B) The rancher has an absolute advantage in meat, and the farmer has a comparative advantage in potatoes.
C) The rancher has an absolute advantage in meat, and the farmer has a comparative advantage in neither good.
D) The rancher has an absolute advantage in neither good, and the farmer has a comparative advantage in potatoes.
Correct Answer:
Verified
Correct Answer:
Verified
Q31: Figure 3-6<br>These figures illustrate the production possibilities
Q32: Figure 3-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 3-1
Q33: When will a production possibilities frontier be
Q34: Figure 3-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 3-2
Q35: What did Adam Smith believe about trade?<br>A)
Q37: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt=" -Refer to Table
Q38: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt=" -Refer to the
Q39: Trade is based on absolute advantage.
Q40: Figure 3-1 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7554/.jpg" alt="Figure 3-1
Q41: If it takes Canadian workers fewer hours