The Figure Below Shows Arcticland's Annual Production Possibilities Boundary for the Production
The figure below shows Arcticland's annual production possibilities boundary for the production of fish and ice.
FIGURE 33- 4
-If Country A has a comparative advantage in the production of good X relative to Country B,
A) then the opportunity cost of producing X in Country A is higher than in Country B.
B) then Country A also has an absolute advantage in the production of this good.
C) then the opportunity cost of producing X in Country A is lower than in Country B.
D) we do not have enough information to say anything about relative opportunity costs.
E) then Country A also has an absolute advantage in the production of some good other than X.
Correct Answer:
Verified
Q27: The diagram below shows the domestic demand
Q28: The figure below shows Arcticland's annual production
Q29: If the index of export prices increases
Q30: The diagram below shows the domestic demand
Q31: When opportunity costs differ between countries,
A)only the
Q32: When opportunity costs are identical between two
Q34: The figure below shows Arcticland's annual production
Q35: When specialization according to comparative advantage also
Q36: Consider Canada's terms of trade.Canadians consume millions
Q37: The diagram below shows the (hypothetical)demand and
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