Use the Following to Answer Question(s): Production Possibilities Schedule for Two

question 182

Multiple Choice

Use the following to answer question(s) : Production Possibilities Schedule for Two Commodities

-(Exhibit: Production Possibilities Schedule for Two Commodities) Assuming constant costs in the neighborhood of their current levels of production, the exhibit shows the number of units of commodity X each country would have to forgo to produce the additional units of commodity Y indicated.Further assume that the only input is labor and that it remains fully employed.If there were unrestricted trade and specialization according to the law of comparative advantage:

• A) the United States would export Y and Canada would export X.
• B) the United States would export X and Canada would export Y.
• C) the United States would export both X and Y.
• D) the United States and Canada would each be self-sufficient in both X and Y.

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Definitions:

Dualism

The belief in the existence of two separate entities, such as mind and body or good and evil.

Separate Entities

Independent elements or organizations not connected to each other, often used in legal and business contexts.

William James

An American philosopher and psychologist who is considered the "Father of American psychology," known for his work on the principles of psychology.

Functionalism

A theory in psychology that emphasizes the importance of how mental and behavioral processes function to enable individuals and species to adapt to their environments.