Table 2-5 Table 2-5 Shows the Number of Labor Hours

question 195

Multiple Choice

Table 2-5
Table 2-5 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland.
-Refer to Table 2-5.Finland has a comparative advantage in the production of

• A)both products.
• B)lumber.
• C)cell phones.
• D)neither product.

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Definitions:

Imports

Merchandise or services that are brought from one nation into another for retail purposes.

Trade Surplus

A situation where the value of a country's exports exceeds the value of its imports, indicating a positive balance of trade.

Exports

Goods or services produced in one country and sold to buyers in another, contributing to the exporting country's GDP.

Imports

Goods and services bought by a country from foreign markets.