Use the following table showing production possibilities for herbs and cosmetics from one unit of resources in Country J and one unit of resources in Country K.

-Suppose that the combined output from both countries is 100 pounds of herbs and 60 pounds of cosmetics when each country uses two units of resources. From this it can be concluded that:
A) each country is specializing in a way that takes advantage of its comparative advantage.
B) each country is specializing, but not in a way that takes advantage of its comparative advantage.
C) Country J is specializing in the production of herbs and Country K is producing both herbs and cosmetics.
D) Country K is specializing in the production of herbs and Country J is producing both herbs and cosmetics.
Correct Answer:
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Q52: Use the following table showing production possibilities
Q53: Use the following table showing production possibilities
Q54: Use the following table showing production possibilities
Q55: Use the following table showing production possibilities
Q56: Use the following table showing production possibilities
Q58: Specialization based on comparative advantage accompanied by
Q59: To fully reap the benefits of production
Q60: Free trade refers to:
A) the unrestricted exporting
Q61: In order for the problem of scarcity
Q62: The philosophy that it is in the
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