Use the Following to Answer Questions

question 29

Multiple Choice

Use the following to answer questions:
-(Scenario: Countries A and B) Use Scenario: Countries A and B.Given this information,country _____ has a comparative advantage in the production of wheat,and country _____ has a comparative advantage in the production of steel.

• A) A;A
• B) A;B
• C) B;B
• D) B;A

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Definitions:

ITQs

Individual Transferable Quotas; a system used in fisheries management in which individual fishers are allocated specific shares of the total allowable catch.

Living Standards

A measure of the wealth, comfort, material goods, and necessities available to individuals or societies.

Per Capita Energy

The average amount of energy consumption per person in a specific population or area.

Economically Efficient

A situation in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.