The following table shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. If the United States and France engage in free trade with each other, the international price of wine will lie between ________ and Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. one pound of cheese per gallon; four pounds of cheese per gallon.
B. 0.5 pound of cheese per gallon; four pounds of cheese per gallon.
C. 0.5 pound of cheese per gallon; two pounds of cheese per gallon.
D. one pound of cheese per gallon; two pounds of cheese per gallon.
Answer: B
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Which one of the following statements is the MOST accurate? By the year 1932, the United States
A) and Canada alone held more than 70 percent of the world's monetary gold. B) and Germany alone held more than 70 percent of the world's monetary gold. C) and Britain alone held more than 70 percent of the world's monetary gold. D) Britain, and France alone held more than 70 percent of the world's monetary gold. E) and France alone held more than 70 percent of the world's monetary gold.
An ordered pair is
a. the process of checking calculations twice before placing them on a graph. b. two numbers that can be represented by a single point on a graph. c. two numbers that are represented by two points on a graph. d. two points on a graph that are of equal distance from the origin.
Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000 . The annual explicit costs of the materials used to make the cookie jars are $54,000 . Christine used $5,000 from her personal savings account to buy pottery tools for her business. The savings account paid 1% annual interest. Christine could earn $6,000 per year as a tax preparer
What is the annual accounting profit of her cookie jar business? a. $36,000 b. $35,950 c. $30,000 d. $29,950
With capitalism, the allocation of goods and resources is determined by
a. market forces b. centralized planning c. government policy d. traditional customs