Refer to the figure below. +16 +12 +8 Consumption Investment is more volatile than consumption. Investment -16 -20 -24 12 3 41 2 3 41 2 3 41 2 3 41 2 3 41 2 3 4 1 2 3 41 2 3 41 2 3 4 2000 2005 2001 2002 2003 2004 2006 2007 2008 CALENDAR QUARTER Instructions: Enter your responses as a percentage rounded to the nearest whole number. What was the range, in absolute value of percentage change, of the variation in quarterly growth rates between 2004 Q4 and 2006 Q4 of CHANGE FROM PRIOR QUARTER (percent)

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.