If the opportunity costs of production for two goods is different between two countries, then
A) only one country can be made better off by trade.
B) trade will only benefit both countries if one can lower its opportunity costs.
C) trade cannot benefit either country.
D) mutually beneficial trade is possible.
D
Economics
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Refer to the table above. If complete specialization occurs, and France has a labor force of 30,000 hours of labor, then after trade begins it will produce
A) 2000 units of grapes. B) 15,000 units of textiles. C) 2000 units of grapes and 6000 units of textiles. D) None of the above.
Economics
In a partnership, legal responsibility for all debts is
A) shared by the partners. B) passed to the shareholders. C) paid by the principle owner. D) handled by the bondholders.
Economics