Exhibit 15-3 Potatoes and wheat output (tons per day)
CountryPotatoes
Wheat
United States4
2
Ireland3
1
In Exhibit 15-3, the United States has an absolute advantage in producing:

A. potatoes.
B. wheat.
C. both.
D. neither.


Answer: C

Economics

You might also like to view...

Which of the following are TRUE regarding "positive" statements? I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy

A) I and II B) II and III C) I and III D) I, II and III

Economics

When a monopolist sells the same product at different prices and the prices are related to cost differences, we have

A) monopoly pricing. B) marginal cost pricing. C) price discrimination. D) price differentiation.

Economics

If a car salesman is paid a fixed salary, the owner is most likely to see

a. A large volume of sales, with large margins b. A large volume of sales with no margins c. Low to no sales with low margins d. Low sales but with large margins

Economics

An example of an underemployed resource is a(n)

a. farmer in Illinois who plants corn instead of wheat b. auto mechanic who is laid off from his job c. welfare recipient who doesn't work d. retired senior citizen who doesn't work e. person with a Ph.D. in chemistry who drives a taxi as a full-time job

Economics