Table 18-3 -The Data in Table 18-3 Indicate That the United States

question 216

Multiple Choice

Table 18-3
$\begin{array}{r}\text { Output Per Unit Labor Input }\\\begin{array}{lcc}& \underline {\text { Cotton }}& \underline {\text { Wheat}}\\\text { Egypt} \quad\quad\quad& \quad \quad20\quad\quad & \quad\quad24\quad\quad \\\text { United States } & \quad \quad2\quad\quad &\quad\quad 12\quad\quad \\\end{array}\end{array}$

-The data in Table 18-3 indicate that the United States has

• A) an absolute advantage in both goods, and a comparative advantage in cotton.
• B) an absolute advantage in both goods, and a comparative advantage in wheat.
• C) only a comparative advantage in wheat.
• D) only a comparative advantage in cotton.

Prepare contribution format and traditional format income statements.

Calculate variable and fixed costs at different activity levels.

Understand the distinction between product costs and period costs.

Compute average costs per unit for variable, fixed, and total costs within the relevant range.

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