Below Is the Productivity Per Worker (Kilos Per Day)in the Wheat

question 29

Multiple Choice

Below is the productivity per worker (kilos per day) in the wheat and bean industries of Caledonia and Ibrox.The working population in each country is 16 million people.

-What is comparative advantage?

• A)The advantage gained from producing something at a lower opportunity cost than other producers are able to.
• B)An advantage in production as a result of possessing better skills,or equipment or resources in comparison to other individuals or countries.
• C)An econoMac policy of protecting domestic producers by restricting the importation of foreign products.
• D)A government regulation which controls how much of a single product can be sold or produced in a competitive market.

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Definitions:

Incentives Matter

A principle emphasizing that the decisions of individuals and organizations are influenced by the costs and benefits associated with those decisions.

Market Allocation

The process whereby markets distribute resources and outputs among various goods, services, and people, often influenced by price mechanisms.

Political Process

The activities related to the governance of a country or area, especially the debate between parties having power.

Economic Exchange

A transaction in which goods, services, or resources are traded between parties, usually in the expectation of reciprocal benefit.