Use the above table. Assuming constant opportunity costs, a comparative advantage in producing wine is possessed by
A) neither Argentina or France.
B) both Argentina and France.
C) Argentina.
D) France.
C
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If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000. B. $40,000. C. $20,000. D. $50,000.
The origin of a graph is the intersection of the two axes, where the value of both variables is zero.
Answer the following statement true (T) or false (F)
According to purchasing power parity, which of the following is FALSE about an overvalued dollar compared to the Japanese yen?
A) U.S. merchants would be motivated to import more Japanese goods. B) Japanese merchants would tend to export more to the United States. C) Prices in the United States would tend to fall. D) Over the long term, the exchange rate would fall.
Agricultural subsidies are known to cause overproduction and create other problems. Are there benefits from such subsidies? Explain
What will be an ideal response?