Use the Accompanying Table to Answer the Following Questions

question 46

Multiple Choice

Use the accompanying table to answer the following questions.
Table 3-4

-According to Table 3-4, if England and Spain trade according to the principle of comparative advantage, they will export _____ respectively.

• A) bread and cheese
• B) bread and bread
• C) cheese and cheese
• D) cheese and bread

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Definitions:

Wage Rate

The amount of money paid to an employee per unit of time or per unit of output, which can be influenced by several factors including industry, occupation, and geographical location.

Production Budget

A financial plan that estimates the number of units that must be manufactured to meet sales goals and manage inventory levels.

Production Budget

An estimate of the total cost of production, including raw materials, labor, and overhead costs, for a specific period.

Finished Goods Inventory

The stock of completed products available for sale.