The Table Given Below Represents Butter and Ham Production by Two

question 75

Multiple Choice

The table given below represents butter and ham production by two countries Norway and Sweden.Table 2.5

-Refer to Table 2.5 and identify the correct statement.

• A)Norway has an absolute advantage in butter production.
• B)Sweden has a comparative advantage in ham production.
• C)Norway has an absolute advantage in ham production.
• D)Trade is not possible between these two nations.
• E)It would be advantageous for Sweden to trade with Norway.

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Definitions:

Contracts

Agreements that create legally enforceable obligations between parties, typically involving the exchange of goods, services, money, or promises.

Offeree

The person to whom an offer is made, especially in the context of contracts.

Offer Made

In contract law, a proposal by one party to another intended to create a legally binding agreement upon acceptance.

Contract Law

A body of law that governs the creation and enforcement of agreements between parties.