Refer to the graph shown.If Countries X and Y face the production possibility curves A and B, respectively, Country X has a comparative advantage in the production of:

A. agricultural goods only.
B. neither agricultural goods nor industrial goods.
C. industrial goods only.
D. both agricultural goods and industrial goods.


Answer: C

Economics

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South Africa is a major wine producer. As Americans become more familiar with those wines and show an increased preference for them, an increased __________ the South African rand will cause the dollar to __________ relative to the rand

A) demand for; depreciate B) demand for; appreciate C) supply of; depreciate D) supply of; appreciate

Economics

How much cloth production would Wendy forfeit in a day in order to produce 6 pounds of food?


a. 3 yards
b. 2 yards
c. 1 yard
d. 1/2 yard

Economics

All other things unchanged, a tax on a product that leads to an increase in the cost of production would:

A) lead to an increase in supply. B) lead to a decrease in demand. C) result in an increased price. D) lead to a decrease in supply.

Economics

Describe R&D expenditures in the United States. What percentage of spending goes for invention, innovation, and diffusion?

What will be an ideal response?

Economics