Multiple Choice
The figure below shows the potential gains from specialization for farms in Idaho and Iowa.
-Refer to the figure above.Which of the following terms of trade will result in mutual gains for both Idaho and Iowa?
A) Idaho offers to trade 1 ton of alfalfa for 50 bushels of corn
B) Idaho offers to trade 1 ton of alfalfa for 40 bushels of corn
C) Iowa offers to trade 20 bushels of corn for 1 ton of alfalfa
D) Iowa offers to trade 15 bushels of corn for 1 ton of alfalfa
Correct Answer:
Verified
Correct Answer:
Verified
Q116: Free trade refers to the ability of
Q117: Scenario: Yasmin and Zeek are lawyers working
Q118: The following table shows the value of
Q119: The following figure depicts the production possibilities
Q120: Scenario: Jack takes 3 hours to complete
Q122: The underlying motivation for trade,relies on one
Q123: Which of the following is not a
Q124: The use of government regulations and barriers
Q125: A few decades ago,there were hardly any
Q126: Which of the following is likely to