Indonesia and Australia engage in international trade because:
A) Indonesia has absolute advantage over Australia in producing goods
B) both Indonesia and Australia have absolute advantage in producing some goods
C) both Indonesia and Australia have comparative advantage in producing some goods
D) Australia has comparative advantage over Indonesia in producing all goods
Correct Answer:
Verified
Q52: A quota is:
A)a type of tax imposed
Q53: When a quota is imposed on a
Q54: The world price is:
A)the price that arises
Q55: Comparative advantage refers to:
A)a situation where the
Q56: Tariffs and import quotas have the following
Q58: The Closer Economic Relations agreement between New
Q59: The Closer Economic Relations agreement between New
Q60: Which of the following is NOT a
Q61: According to this statement, if trade in
Q62: According to this statement, if trade in
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