-According to the table above determine which country has the absolute advantage in corn and which in soybeans. In addition, determine which country has the comparative advantage in corn and which in soybeans. Make sure to support your answer by deriving the opportunity costs of each.
Definitions:
Gold Standard
A monetary system in which the standard economic unit of account is based on a fixed quantity of gold, allowing for direct conversion of currency into gold.
Ounce Of Gold
A unit of measure for weighing gold, often used in financial markets and investments to set prices or determine value.
French Francs
The former currency of France before the country adopted the euro, reflecting France's national economic history.
Price Of Pesos
The value or exchange rate of the Mexican Peso compared to another currency, typically reflecting the strength of the Peso in the foreign exchange market.
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