Canada produces MP3 players and lumber, and the marginal costs for the two products are 200 per 1,000 board-feet of lumber and 100 per MP3 player.
China also produces these goods, and the marginal costs are 300 per 1,000 board-feet of lumber and 100 per MP3 player. Which country has the comparative advantage in lumber production? A) Canada
B) China
C) Both countries share the comparative advantage.
D) We need more information to answer this question.
Question 2
Owners and managers
A) must be the same people.
B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals.
C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners.
D) may be different people with different but exactly complementary goals.
E) may be different people with the same goals.
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