If the United States Could Produce 4 Tons of Potatoes

question 14

Multiple Choice

If the United States could produce 4 tons of potatoes or 2 tons of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, the country with the comparative advantage in producing potatoes is ____ and the country with the absolute advantage in producing potatoes is ____.

• A)​the United States; the United States
• B)​the United States; Ireland
• C)​Ireland; the United States
• D)​Ireland; Ireland

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Definitions:

Provincial Legislation

Laws and regulations enacted by the legislative bodies of provinces or territories within a federal system, addressing regional matters.

Actual Authority

The express and implied powers given to an agent by a principal, allowing them to make legally binding decisions on the principal’s behalf.

Apparent Authority

Apparent authority refers to a situation where someone reasonably believes another has the authority to act on behalf of an organization due to the organization's actions or communications.

Principal

The primary individual or entity involved in a transaction or contract, or a sum of money lent or invested on which interest is paid.