Each person in Country X can produce 1 ton of steel or 1 ton of coal.Each person in Country Y can produce 3 tons of steel or 4 tons of coal.Assuming constant costs, X will:
A) export steel and import coal.
B) import steel and export coal.
C) import both coal and steel.
D) export both coal and steel.
E) not trade at all.
Correct Answer:
Verified
Q11: Under the banner of comparative advantage, the
Q12: Use the following to answer questions :
Figure
Q13: Use the following to answer questions :
Figure
Q14: If we are to demonstrate gains from
Q15: The introduction of decreasing costs into the
Q17: Use the following to answer questions :
Figure
Q18: Protectionist tariff and quotas often:
A)do little to
Q19: Which of the following are some important
Q20: Which of the following are the economic
Q21: Quotas are:
A)economically better than tariffs.
B)economically inferior to
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