If Two Countries Each Produce Wool and Cotton,we Know That

question 108

Multiple Choice

If two countries each produce wool and cotton,we know that the country with the comparative advantage in cotton will also have a lower

• A)opportunity cost to produce wool.
• B)opportunity cost to produce cotton.
• C)resource input per unit produced of wool.
• D)resource input per unit produced of cotton.
• E)resource input per unit produced of both cotton or wool.

Evaluate the effects of trade policies on consumer prices and market competition.

Understand the concept of absolute versus comparative advantage in trade.

Analyze the role and impact of multinational corporations in global trade.

Understand the dynamics of international trade relations and negotiations.

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