When a country eliminates tariffs and other trade restrictions, intending to promote economic growth, it is pursuing _______–oriented policies

In Bangladesh one person can produce 330 pounds of rice or 110 shirts in one year. In Singapore one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements is true? a. Singapore has a comparative advantage in the production of rice

b. Singapore has both an absolute and comparative advantage in the production of rice. c. Bangladesh has a comparative advantage in the production of rice. d. Bangladesh has an absolute advantage in the production of rice.

Nicole's income elasticity of demand for hats is 1.5 . All else equal, this means that if her income increases by 20 percent, she will buy

a. 150 percent more hats. b. 50 percent more hats. c. 30 percent more hats. d. 20 percent more hats.