The Accompanying Productivity Table Shows How Many Bushels of Either

question 307

Multiple Choice

$$\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Wheat } \\\text { (Bushels) }\end{array} & \begin{array} { c } \text { Rice } \\\text { (Bushels) }\end{array} \\\hline \text { India } & 10 & 10 \\\hline \text { Canada } & 40 & 20 \\\hline\end{array}$$ The accompanying productivity table shows how many bushels of either wheat or rice can be produced in India and Canada with 1 unit of input. To achieve gains from specialization and trade,

• A) India should export rice to Canada and import Canadian wheat.
• B) India should export wheat to Canada and import Canadian rice.
• C) Canada should produce both wheat and rice and not trade with India.
• D) India cannot offer any bene?ts to Canada from trading with her.

Know the average growth rate of real GDP per capita in specific historical periods of the United States.

Understand the effects of research and development on the quality and quantity of labor and capital goods.

Identify the principles and criticisms of industrial policy and its impact on domestic and foreign economies.

Acknowledge the advantages of industrial clustering for economies and businesses.

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Definitions:

Equivalent Interest Rate

An equivalent interest rate is the interest rate that equates to the compound interest over a different payment frequency, ensuring comparability among rates with different compounding periods.

Nearest 0.01%

Rounding off a number to the closest one-hundredth of a percent for precision in calculation or representation.

Nearest 0.01%

Adjusting values to ensure that they are as close as possible to an accurate hundredth of a percentage point for increased accuracy.

Nearest 0.01%

The approximation of a value rounded to the nearest hundredth of a percent to increase precision.