Based on the data in Table 3.1
A) Jesse should specialize in both goods.
B) Jesse should specialize in painting kites and trade for snowboards.
C) Jesse should specialize in painting snowboards and trade for kites.
D) April should specialize in both goods.
B
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The income elasticity of demand is largest for
A) food. B) clothing. C) shelter. D) luxuries.
Refer to Figure 5-13. The gasoline tax raises the price paid by consumers by ________ per gallon
A) $0.75 B) $1.25 C) $1.75 D) $2.00
The relationship between a change in the price of a complementary good and demand for another complementary good is
A) positive. B) negative. C) inconclusive. D) zero.
Adhering to a strict gold standard necessarily means that
a. each nation can vary its money supply in response to domestic economic conditions. b. no country will experience inflation. c. no country will have control over its monetary policy. d. no country will experience deflation.