Colombia produces coffee with less labor and land than any other country; it therefore surely has
a. an absolute advantage in coffee production.
b. a comparative advantage in coffee production.
c. absolute efficiency in coffee production.
d. a comparatively absolute advantage in coffee production.
a
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Money is
A. the value of all coins and currency in circulation at any time. B. anything that is generally accepted as a medium of exchange. C. the same as income. D. backed by gold in Fort Knox.
The value of a producer's output minus the value of the inputs it purchases from other producers is called the producer's
A. surplus. B. gross product. C. value added. D. profit.
A large and growing current account deficit can be an indicator of a potential crisis
Indicate whether the statement is true or false
If you were told that the exchange rate between the U.S. dollar and the Canadian dollar was 1.2, that would mean that Canadians would have to spend ____ to buy a $12 watch in New York City
a. c and e b. 10 U.S. dollars c. 12 U.S. dollars d. 14.4 U.S. dollars e. 14.4 Canadian dollars