New England Possessed a Comparative Advantage in Producing Cotton

question 15

True/False

New England possessed a comparative advantage in producing cotton.Producers in this region produced cotton at the lowest possible opportunity cost in colonial America.

---

Definitions:

Purposeful

Refers to actions undertaken with a specific goal or intention in mind.

Spontaneous

Occurring without external cause or premeditation, often resulting from a natural inclination or impulse.

Economic Generalization

Broad statements or principles about economic behavior that apply to different contexts and situations.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.