Asked by Braeli Payne on Jul 03, 2024
Verified
Brazil should
A) specialize in the production of coffee and import hot dogs from ColombiA.
B) specialize in the production of hot dogs and import coffee from Colombia.
C) import both coffee and hot dogs from Colombia.
D) not engage in trade with Colombia,but produce both coffee and hot dogs domestically.
E) trade only with Colombia.
Specialize
To focus on a particular area of study, work, or production, becoming an expert or highly skilled in that area.
Import
The act of bringing goods or services into a country from abroad for sale.
Colombia
A country located in the northern part of South America, known for its significant biodiversity, cultural heritage, and as a major producer of coffee and emeralds.
- Acquire knowledge on the elementary concepts of global trade and the principle of comparative advantage.
- Differentiate between absolute and comparative advantages in international trade.
Verified Answer
Learning Objectives
- Acquire knowledge on the elementary concepts of global trade and the principle of comparative advantage.
- Differentiate between absolute and comparative advantages in international trade.
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