Refer to the table above. If complete specialization occurs, and France has a labor force of 30,000 hours of labor, then after trade begins it will produce
A) 2000 units of grapes.
B) 15,000 units of textiles.
C) 2000 units of grapes and 6000 units of textiles.
D) None of the above.
B
Economics
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A) the price that consumers pay reflects the opportunity cost to society of producing the good. B) firms make positive economic profits in long-run equilibrium. C) average revenue equals average cost. D) firms produce above the minimum efficient scale.
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A fixed exchange rate is one that is determined by market conditions
Indicate whether the statement is true or false
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