Costa Rica can produce either 18 oranges or 9 watermelons a day, while Panama can prodace either 16 oranges or 4 watermelons a day. Refer to Scenario 14-2. Which of the following statements about Costa Rica and Panama is the most accurate? O a. If Costa Rica specializes in growing oranges and Panama specializes in growing watermelons, they could both gain by specialization and trade. O b. Costa Rica should export to Panama, but Panama should NOT export to Costa Rica. O c. Since Costa Rica has an absolute advantage in both goods, NO mutual gains are possible ym trade. O d. If Costa Rica specializes in growing watermelons and Panama specializes in growing oranges, they could both gain by specialization and trade.

Costa Rica can produce either 18 oranges or 9 watermelons a day, while Panama can prodace either 16 oranges or 4 watermelons a day. Refer to Scenario 14-2. Which of the following statements about Costa Rica and Panama is the most accurate? O a. If Costa Rica specializes in growing oranges and Panama specializes in growing watermelons, they could both gain by specialization and trade. O b. Costa Rica should export to Panama, but Panama should NOT export to Costa Rica. O c. Since Costa Rica has an absolute advantage in both goods, NO mutual gains are possible ym trade. O d. If Costa Rica specializes in growing watermelons and Panama specializes in growing oranges, they could both gain by specialization and trade.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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