The Table Below Shows Units of Wheat and Cloth Produced

question 92

Multiple Choice

The table below shows units of wheat and cloth produced by each worker per day in both the countries.Table 20.1

-Between two countries, comparative advantage is found by comparing the:

• A)relative costs of production in each country.
• B)absolute costs of production in each country after accounting for inflation.
• C)labor hours required to produce a bundle of products in each country.
• D)level of interest rates in each country.
• E)shipping and transportation costs of each country.

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Definitions:

Identification

The psychological process of associating oneself with certain groups, ideals, or characteristics.

Internalization

The process by which individuals incorporate external standards or behaviors into their own belief and value system.

Reciprocal Alliances

Partnerships or agreements between parties that involve mutual benefits or exchanges.

Informal Systems

Unofficial methods and processes that develop within an organization, allowing it to function smoothly outside of formal structures.