In the real world, we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. One reasons for this is
A) some countries have more resources than other countries.
B) production of most goods involves increasing opportunity costs.
C) tastes for many traded goods are similar in many countries because of globalization.
D) comparative advantage works better in theory than in practice.
Question 2
To affect the market outcome, a price floor
A) must be set above the price ceiling. B) must be set above the legal price.
C) must be set above the black market price. D) must be set above the equilibrium price.
Primary production is constrained by the most limiting factor.
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