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Author Question: When the principle of comparative advantage is used to guide trade, then a country specializes in ... (Read 48 times)

awywial

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  • Posts: 577
on: Jun 29, 2018
When the principle of comparative advantage is used to guide trade, then a country specializes in producing only
 
  A) goods with the highest opportunity cost.
  B) goods with the lowest opportunity costs.
  C) goods for which production takes fewer worker-hour than another country.
  D) goods for which production costs are more than average total costs.

Question 2

If the price elasticity of demand for gasoline is 0.8 and the price elasticity of demand for plane tickets is 2.2 then the demand for gasoline is ________ and the demand for plane tickets is ________.
 
  A) elastic; inelastic
  B) inelastic; elastic
  C) elastic; elastic
  D) inelastic; inelastic


tranoy

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

B

Answer to Question 2

B


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