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Applied Sciences,Chemistry See all
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Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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  • Professor
    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Do you agree or disagree with each of the following statements? Explain

Do you agree or disagree with each of the following statements? Explain.

a. If it is possible to exchange 3 pounds of cheese for 2 bottles of wine, then the price of cheese is 2/3 the price of wine.

b. A country can only gain from trade if it can produce a good at a lower absolute cost than its trading partner.

c. If there are constant marginal and average costs of production, then it is in a country"s best interest to specialize completely in the production of some goods but to import others.

d. Assuming that labor is the only input, if the opportunity cost of producing a yard of cloth is 3 bushels of wheat per yard, then wheat must require 3 times as much labor per unit produced as cloth.

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CourseWork
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Status NEW Posted 08 May 2017 12:05 PM My Price 9.00

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