Refer to the tables. If these two nations specialize on the basis of comparative advantage:
Answer the question on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:
A. Trombonia will produce beans and Latalia will produce pork.
B. Trombonia will produce both beans and pork.
C. Latalia will produce both beans and pork and Trombonia will produce neither.
D. Latalia will produce beans and Trombonia will produce pork.
D. Latalia will produce beans and Trombonia will produce pork.
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Alan purchases 10 percent fewer bags of chips when his income decreases by 5 percent. Based on only this information, we know that for Alan
A) chips are a normal good. B) chips are a complement to salsa. C) chips are a substitute for pretzels. D) chips are an inferior good. E) the price of chips fell.
What is a standard process used to determine fair market value of a property?
A) the comparable sales method B) just compensation C) eminent domain D) the equitable transactions cost method