California agriculture is the most productive in the world. Therefore:
A) California should produce all food products
B) California should produce food products that it has an absolute advantage in
C) California should produce food products that it has an comparative advantage in
D) California should specialize in local food
Correct Answer:
Verified
Q1: The trade of food across international borders
Q2: Free trade
A) is good for exporters
B) is
Q3: Adam Smith suggested the idea of:
A) absolute
Q4: Adam Smith would favor:
A) self-sufficiency
B) each nation
Q6: Local food is a good example of:
A)
Q7: Absolute advantage is:
A) lowest opportunity costs
B) political
Q8: Comparative advantage is:
A) lowest opportunity costs
B) political
Q9: Trade occurs due to:
A) arbitrage
B) differences in
Q10: If two nations were identical:
A) both nations
Q11: Trade will have the largest impact when:
A)
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