Use the Production Possibilities Data Below for Avokia and Baldonia

question 132

Multiple Choice

Use the production possibilities data below for Avokia and Baldonia to answer the following question(s) .
Table 2-2

Refer to Table 2-2. According to the law of comparative advantage, both Avokia and Baldonia could gain if

• A) Avokia produced all of the apples and oranges and Baldonia did not produce anything.
• B) Avokia specialized in producing apples, Baldonia specialized in producing oranges, and they traded.
• C) Avokia specialized in producing oranges, Baldonia specialized in producing apples, and they traded.
• D) Baldonia and Avokia were both were self-sufficient and did not trade.

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Definitions:

Keynes

Refers to John Maynard Keynes, a British economist whose theories on government spending and monetary policy formed the basis of Keynesian economics.

Aggregate Supply Curve

Graphical representation showing the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels.

Price Level

An index that measures the average of current prices across the entire spectrum of goods and services produced in the economy compared to a base year.

Aggregate Supply Curve

A diagram that exhibits the comprehensive volume of goods and services that economic producers are ready and capable of supplying at assorted price levels.