In Table 17.1, Brazil has 
A. an absolute and comparative advantage in coffee.
B. an absolute and comparative advantage in both goods.
C. an absolute advantage but not a comparative advantage in coffee.
D. an absolute and comparative advantage in apples.
Answer: A
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Refer to the table above. If country X is expected to grow by 19% between the years 2007 and 2008, what is the expected GDP per capita for the year 2008?
A) $2,439.50 B) $3,015 C) $2,763.90 D) $1,882
Suppose that, last year, the price of peanuts fell and the quantity sold increased. Use supply and demand analysis to explain how these changes could have occurred
What will be an ideal response?
Voluntary exchange is a change that makes
A. everyone better off and nobody worse off. B. some people better off and nobody worse off. C. nobody better off and nobody worse off. D. some people better off and some people worse off.