Suppose an American worker can make 50 pairs of gloves or grow 300 radishes per day. On the other hand, a Bangladeshi worker can produce 100 pairs of gloves or grow 200 radishes per day. Which of the following statements is true? Bangladesh should:
A. specialize in glove production since it possesses the comparative advantage in glove production.
B. despecialize in radish production since it possesses the comparative advantage in radish production.
C. produceboth gloves and radishes since it has the absolute advantage in glove production.
D. only produce radishes since it has the absolute advantage in radish production.
A. specialize in glove production since it possesses the comparative advantage in glove production.
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An analysis of IBM's pricing decisions would be classified as a macroeconomic study
a. True b. False Indicate whether the statement is true or false
Refer to the below information and table. What will be the equilibrium economic rent per acre?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $100
B. $200
C. $300
D. $400