The Maximum Production Possible in Rome and in Cathay Are

question 116

Multiple Choice

The maximum production possible in Rome and in Cathay are as follows:

-If each country specializes in the production of what it does best,what are the gains from trade?

• A)There are no gains.
• B)20 bread.
• C)20 figs.
• D)10 bread and 10 figs.

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Definitions:

Real Property

Land and anything permanently attached to it, such as buildings or structures, including the rights associated with ownership.

Lease

A contractual arrangement in which one party agrees to rent property owned by another party for a specified period of time in exchange for payment.

Eminent Domain

The right of a government to expropriate private property for public use, with compensation provided to the owner.

Bequeath

To leave personal property to someone through a will.