The comparative advantage of the South was in
(a) small farms producing for the local market.
(b) plantation agriculture producing for export.
(c) manufacturing.
(d) shipbuilding and trades related to shipbuilding.
(b)
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According to the expenditure approach to measuring GDP, in the United States , the largest component of GDP is
A) net exports of goods and services. B) consumption expenditure. C) government expenditure on goods and services. D) investment. E) wages.
When the domestic money prices of goods are held constant
A) a nominal dollar appreciation makes U.S. goods cheaper compared with foreign goods. B) a nominal dollar depreciation makes U.S. goods less appealing in foreign markets. C) a nominal dollar appreciation does not affect the prices of U.S. goods. D) a nominal dollar depreciation makes U.S. goods more expensive compared with foreign goods. E) a nominal dollar depreciation makes U.S. goods cheaper compared with foreign goods and a nominal dollar appreciation makes U.S. goods more expensive compared with foreign goods.