Which of these sets of nations are low-income developing nations?
A. Brazil, Australia, and South Africa.
B. Uganda, Madagascar, and Burkina Faso.
C. Canada, Switzerland, and France.
D. Germany, South Korea, and Mexico.
B. Uganda, Madagascar, and Burkina Faso.
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Bonnie can produce either 20 hats or 10 scarves in a month. Phil can produce either 5 hats or 10 scarves in a month. Therefore:
A) Phil has a comparative advantage in hats, Bonnie in scarves. B) Bonnie has a comparative advantage in hats, Phil in scarves. C) Phil has a comparative advantage in both hats and scarves. D) Bonnie has a comparative advantage in both hats and scarves. E) Neither of them has a comparative advantage in scarves.
In L. Frank Baum's classic 1900 children's book, The Wonderful Wizard of Oz, the name "oz" is a reference to
A) an ounce (oz.) of gold. B) an ounce (oz.) of silver. C) an ounce (oz.) of copper. D) an ounce (oz.) of gold or silver. E) an ounce (oz.) of wheat.