If Two Countries Each Produce Wool and Cotton,we Know That

question 108

Multiple Choice

If two countries each produce wool and cotton,we know that the country with the comparative advantage in cotton will also have a lower

• A)opportunity cost to produce wool.
• B)opportunity cost to produce cotton.
• C)resource input per unit produced of wool.
• D)resource input per unit produced of cotton.
• E)resource input per unit produced of both cotton or wool.

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Definitions:

Estimated Cost

An approximation of the financial outlay that would be required to complete a project, procure goods, or carry out a service.

Specific Invoice Method

An accounting method for managing inventory by tracking the cost associated with each specific unit of inventory.

Sale Items

Products that are offered to customers at a reduced price for a promotional or clearance purpose.

Specific Invoice Method

A method used in inventory and cost accounting to specifically track the cost associated with individual inventory items.