Refer to Mexico and Japan. Which of the following statements is true.



a. Mexico has a comparative advantage in production of food.

b. Japan has an absolute advantage in production of food.

c. Mexico has a comparative advantage in production of cloth.

d. Japan has an absolute advantage in production of Cloth.

a. Mexico has a comparative advantage in production of food.

Economics

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The impact lag is the time between putting a policy in place and when its effects are felt in the economy.

a. true b. false

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Explain why the equilibrium price is called the market clearing price

What will be an ideal response?

Economics