Table 2-8 Table 2-8 Shows the Number of Labor Hours Required to of Labor

question 113

Multiple Choice

Table 2-8

Table 2-8 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
-Refer to Table 2-8.If the two countries specialize and trade, who should export wheat?

• A)There is no basis for trade between the two countries.
• B)China
• C)South Korea
• D)They should both be exporting wheat.

Identify the conditions under which contracts can be voided due to illegality or inability to enforce.

Grasp the concept of restraint of trade and how it applies to contract agreements.

Understand the implications of not having a written agreement and how courts handle unenforceable contracts.

Grasp the principles behind the requirement of writing for certain contracts and the exceptions to this requirement.