In Table 17.3, Brazil has 
A. an absolute advantage but not a comparative advantage in lumber.
B. an absolute and comparative advantage in cars.
C. an absolute and comparative advantage in lumber.
D. an absolute and comparative advantage in both goods.
Answer: C
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Which of the following is not an example of a market?
A. An auction B. Grocery store C. Donation center D. EBay
An increase in capital inflows will
A) increase the equilibrium exchange rate. B) increase net foreign investment. C) increase capital outflows. D) decrease capital outflows.
At a perfectly competitive firm's short-run break-even price
A) P = ATC. B) TR is more than TC. C) the average cost is below the total revenue line. D) P > AVC, but P < AFC.
Total surplus:
A. can never be zero.
B. can never fall below zero.
C. is always above zero.
D. is less than the consumer surplus.