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Author Question: If the export supply curve of tomatoes and the import demand curve of tomatoes of Luxembourg ... (Read 265 times)

nelaaney

  • Hero Member
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  • Posts: 560
on: Jun 30, 2018
If the export supply curve of tomatoes and the import demand curve of tomatoes of Luxembourg intersect at the international price level of tomatoes, then Luxembourg will suspend trading tomatoes in the international market.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Iceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Lavaland can produce 16 units of food per year or 8 units of clothing. Which of the following is true?
 a. Iceland has an absolute advantage, but not a comparative advantage in producing food.
  b. Iceland has a comparative advantage, but not an absolute advantage in producing food.
  c. Lavaland has both a comparative and absolute advantage in producing clothing.
 d. Lavaland has a comparative advantage, but not an absolute advantage in producing clothing.


lcapri7

  • Sr. Member
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  • Posts: 350
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

a


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