Figure 3-8 -Refer to Figure 3-8.If Chile and Colombia Switch from Each

question 254

Multiple Choice

Figure 3-8

-Refer to Figure 3-8.If Chile and Colombia switch from each country dividing its time equally between the production of coffee and soybeans to each country spending all of its time producing the good in which it has a comparative advantage,then total production of soybeans will increase by

• A) 3 pounds.
• B) 6 pounds.
• C) 9 pounds.
• D) 12 pounds.

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Definitions:

Time-series Data

Data points collected or recorded at successive times, often with equal intervals between them.

Cross-sectional Data

A type of data collected by observing many subjects at the same point of time or without regard to differences in time.

Synchronous Data

Data that is collected or updated at the same time across the system or in a coordinated manner.

Cross-sectional Data

Data collected from a population at a specific point in time, used to observe variations among subjects.