The notion that, following a devaluation, the BOT falls for a while before increasing is called a ________ effect
A) relative price
B) elasticity
C) J-curve
D) pass-through
C
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If Xavier can produce sandwiches at a lower opportunity cost than Kimani, then
a. Xavier has a comparative advantage in the production of sandwiches. b. Kimani has a comparative advantage in the production of sandwiches. c. Xavier should not produce sandwiches. d. Xavier is capable of producing more sandwiches than Kimani in a given amount of time.
If Terrell can produce more bagels in one day than Zori can produce in one day, then
a. Terrell has a comparative advantage in the production of bagels. b. Zori has a comparative advantage in the production of bagels. c. Terrell has an absolute advantage in the production of bagels. d. Terrell should produce bagels and Zori should spend her time on a different activity.