Assume That Because of Soil and Climatic Conditions, Columbia Is

question 77

Multiple Choice

Assume that because of soil and climatic conditions, Columbia is more efficient in the production of coffee than India. At the same time India is more efficient in the production of wheat than Columbia. Each of these countries can be said to have a(n) _____.

• A) absolute advantage
• B) comparative advantage
• C) factor endowment destruction in land
• D) bartering disadvantage
• E) mercantile disadvantage

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Definitions:

Promise To Pay

A written agreement in which one party pledges to pay a specified sum to another party under defined conditions.

UCC

The United States' commercial transactions are all managed under the extensive laws encompassed by the Uniform Commercial Code.

Corporate Account

A type of financial account specifically designed for businesses, enabling them to manage expenses, assets, and transactions under the corporate name.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee being able to transfer it to another party.