The following question are based on the following information. Country A can produce either 10,000 barrels of petroleum or 12,000 bushels of wheat with one unit of its resources. Country B can produce either 7,000 barrels of petroleum or 15,000 bushels of wheat with one unit of its resources.
-From this information,country
A) A has an absolute advantage in petroleum.
B) A has an absolute advantage in wheat.
C) A has a comparative advantage in wheat.
D) B has an absolute advantage in petroleum.
E) B has a comparative advantage in petroleum.
Correct Answer:
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Q2: This table shows the hypothetical effect of
Q3: If a country is absolutely more efficient
Q4: Goods and services produced in other countries
Q5: The advantage of trade,both for individuals and
Q6: Excluded from among the important bases for
Q8: In general,individuals and countries that attempt to
Q9: In which of the following situations describing
Q10: If country A can produce either 1,000
Q11: If country A can produce 200 bicycles
Q12: Country A must have an absolute advantage
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