Karl can produce either 10 tons of oranges or 5 tons of apples in a year, while Adam can produce either 5 tons of oranges or 10 tons of apples. If the exchange rate between apples and oranges in international markets is 1 ton of apples per 3 tons of oranges:
a. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export oranges to other countries.
b. Karl and Adam will not trade apples and oranges with one another, since both will specialize in and export apples to other countries.
c. Karl and Adam will trade apples and oranges with one another.
d. Karl and Adam will not specialize or engage in international trade.
Question 2
The oldest theory of comparative advantage is based on:
a. factor abundance.
b. productivity differences.
c. product life cycles.
d. preferences.
e. human skills.
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Michelangelo, The Creation of Adam (unrestored), ceiling of the Sistine Chapel.
The average weight gain between Thanksgiving and New Year's Day is about a pound
Average Number of Days per Year with Thunderstorms