Refer to Table 7-1. Use the table above to select the statement that accurately interprets the data in the table
A) Rob has a comparative advantage in picking berries.
B) Bill has a comparative advantage in catching fish.
C) Rob has a comparative advantage in catching fish and picking berries.
D) Bill has a comparative advantage in picking berries.
D
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Refer to the table above. For which of the following choices is the marginal total cost the lowest?
A) Choosing factory Close over factory Far B) Choosing factory Far over factory Very Far C) Choosing factory Very Close over factory Close D) Choosing factory Close over factory Very Far
Which of the following is true if a nation does not have an absolute advantage in producing any goods or service?
a) it cannot have a comparative advantage either b) it will have a comparative advantage in the production of the good or device in which it has a lower opportunity cost c) it will export raw materials and import finished products d) no country will want to trade with this nation because it is not cost effective to do so e) the international value of its currency will be fixed