Use the graph below to answer questions
-Refer to the graph showing the production possibilities for two countries, A and B.Which statement is correct?
A) Country A has comparative advantage in producing coffee
B) Country A has absolute advantage in producing coffee
C) Country B has comparative advantage in producing tractors
D) Country B has absolute advantage in producing tractors
Correct Answer:
Verified
Q1: You order a bottle of wine from
Q2: International trade allows countries to
A)Specialize in the
Q4: You buy a bottle of wine produced
Q5: The top international U.S.trading partners are
A)Canada and
Q6: Seventy-seven percent of total world exports are
Q7: A trade surplus is expressed as
A)Exports >
Q8: The slope of the production possibilities frontier
Q9: When a country's imports is greater than
Q10: Terms of trade is
A)The marginal cost of
Q11: Goods and services produced domestically but sold
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