If a bushel of corn sells for $2 in the United States and for 4,000 COP (Colombian peso) in Colombia, and if 1 dollar is worth 2,200 COP, then:
a. the corn is 400 COP more expensive in Colombia.
b. the corn is 400 COP cheaper in Colombia.
c. the price of a bushel of corn equals $2 in both the United States and Colombia.
d. the price of corn is 4,000 COP lower in Colombia than in the United States.
e. the price of corn is $0.20 lower in the United States than in Colombia.
b
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The commercial value of ivory is a threat to the elephant, but the commercial value of beef is a guardian of the cow. This is because
a. the cow is raised in developed countries, while the elephant lives primarily in less-developed countries. b. cows are private goods, while elephants tend to roam freely without owners. c. cows and elephants are public goods, but ivory is nonrival. d. ivory is nonrival and nonexclusive, but beef is rival and exclusive.