If the World Price of Coffee Is Higher Than Colombia's

question 40

Multiple Choice

If the world price of coffee is higher than Colombia's domestic price of coffee without trade,then Colombia

• A)should import coffee.
• B)has a comparative advantage in coffee and should export coffee.
• C)should produce just enough coffee to satisfy domestic demand.
• D)should produce no coffee domestically.

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Definitions:

Binding Arbitration

A type of arbitration where the decision made by the arbitrator is legally enforceable and cannot be appealed.

Decision-acceptance Effect

The impact that the acceptance of a decision has on individuals or groups, influencing their behaviors and perceptions.

Arbitrated Disputes

Conflicts resolved by a third party, whose decision is usually binding.

Process Consultation

A method of organizational development in which a consultant helps a client organization understand and improve its internal processes.