Question 4If-the US has the capacity to produce more apples and more oranges than Mexico, then which ofthe following is necessarily true. (select all that apply).The US has an absolute advantage over Mexico in the production of applesNone of the answers are correctThe US has a comparative advantage over Mexico in the production of applesThe US has an absolute advantage over Mexico in the production of orangesThe US has a comparative advantage over Mexico in the production of oranges DQuestion 3Which of the following statements is correct. (select all that apply)The margin refers to the additional percentage of the original price that the retailer charges for theproductThe markup refers to the percentage of the retail price that is pocketed by the retailer as profit.None of the answers are correctThe markup refers to the additional percentage of the original price that the retailer charges for theproductThe margin refers to the percentage of the retail price that is pocketed by the retailer as profit.

When two or more countries are open to trade, they can make export or import of goods and services…

Question 4 If-the US has the capacity to produce more apples and more oranges than Mexico, then which of the following is necessarily true. (select all that apply). The US has an absolute advantage over Mexico in the production of apples O None of the answers are correct The US has a comparative advantage over Mexico in the production of apples The US has an absolute advantage over Mexico in the production of oranges The US has a comparative advantage over Mexico in the production of oranges

Question 4 If-the US has the capacity to produce more apples and more oranges than Mexico, then which of the following is necessarily true. (select all that apply). The US has an absolute advantage over Mexico in the production of apples O None of the answers are correct The US has a comparative advantage over Mexico in the production of apples The US has an absolute advantage over Mexico in the production of oranges The US has a comparative advantage over Mexico in the production of oranges

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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