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Author Question: Prior to international trade, the price of good X is lower in country A than in country B. This ... (Read 49 times)

pepyto

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on: Jun 29, 2018
Prior to international trade, the price of good X is lower in country A than in country B. This means that we know that
 
  A) country B has an absolute advantage in the production of product X.
  B) country B has a comparative advantage in the production of product X.
  C) country A has an absolute advantage in the production of product X.
  D) country A has a comparative advantage in the production of product X.

Question 2

A good with a horizontal demand curve has a demand
 
  A) with an income elasticity of demand equal to 0.
  B) with a price elasticity of demand equal to 0.
  C) with a price elasticity of demand equal to infinity.
  D) for which there are no substitutes.


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BUTTHOL369

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

C


pepyto

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kthug

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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