During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee. Based on this, we know definitively that
A) Africa, Asia, and Latin America have comparative advantage in coffee production.
B) the United States has absolute advantage in coffee production.
C) Africa, Asia, and Latin America have absolute advantage in coffee production.
D) the United States has comparative advantage in coffee production.
A
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Which of the following will NOT occur in the short run when the money supply decreases?
A) The interest rate will increase. B) The price level decreases. C) People will buy fewer goods and services. D) Aggregate supply decreases.
If American consumers decided to boycott grapes to protest working conditions of farm workers, everything else being equal, the: a. price of grapes will rise
b. supply of grapes will fall. c. quantity of grapes supplied will fall. d. demand curve for grapes shifts to the right.