Multiple Choice
Use the following to answer questions:
Scenario: Countries A and B
Two countries, A and B, produce two goods, wheat (W) and steel (S) . Each has a linear production possibility frontier in both goods. If country A spends all of its available resources to produce wheat, it can produce 500 tons of wheat and no steel. If it uses all of its resources to produce steel, it can produce 250 tons of steel and no wheat. If country B spends all of its available resources producing wheat, it can produce 400 tons of wheat, and if it spends all of its resources on the production of steel, it can produce 400 tons of steel.
-(Scenario: Countries A and B) Look at the scenario Countries A and B. Given this information, country _____ has a comparative advantage in the production of wheat, and country _____ has a comparative advantage in the production of steel.
A) A; A
B) A; B
C) B; B
D) B; A
Correct Answer:

Verified
Correct Answer:
Verified
Q16: If the opportunity cost of manufacturing automobiles
Q35: In a single day,Sarah can produce 10
Q181: Alison has a linear production possibility frontier
Q194: A normative statement deals with:<br>A)the facts.<br>B)what was,is,or
Q269: Use the following to answer questions :<br>Figure:
Q270: Use the following to answer questions :<br>Figure:
Q272: Use the following to answer questions :
Q273: The circular-flow diagram shows the flow of
Q278: Consider a production possibility frontier for Iraq.
Q279: The production possibility frontier will shift outward