-Use the Above Table

question 171

Multiple Choice

-Use the above table. Assuming constant opportunity costs, if Argentina and France specialize based on comparative advantage, then they will trade if the rate of exchange

• A)is 7 gallons of wine for 1 pound of beef, and Argentina imports beef.
• B)0.25 gallons of wine for 1 pound of beef, and France imports beef.
• C)0.25 pounds of beef for 1 gallon of wine, and Argentina imports wine.
• D)0.4 pounds of beef for 1 gallon of wine, and France imports wine.

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Definitions:

Disaffirm

To reject, refuse to accept, or declare a contract void, often used in the context of minors’ capacity to enter into contracts.

Necessary

Essential or required for a particular purpose, without which the objective cannot be achieved.

Ratification

The action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid.

Emancipation

The process by which a minor becomes legally recognized as an independent adult, free from parental control.