If a country's domestic price of lumber is below the world price of lumber, the country will likely: import lumber. export lumber. have an absolute advantage in lumber production. have a surplus of lumber.

If a country's domestic price of lumber is below the world price of lumber, the country will likely: import lumber. export lumber. have an absolute advantage in lumber production. have a surplus of lumber.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If a country's domestic price of lumber is below the world price of lumber, the country will likely:
import lumber.
export lumber.
have an absolute advantage in lumber production.
have a surplus of lumber.

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