1. While tea is the beverage of choice in both China and the United Kingdom, the Chinese...

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1. While tea is the beverage of choice in both China and the United Kingdom, the Chinese have an absolute advantage over the United Kingdom in producing tea, which means that

a. China can produce more tea than the United Kingdom.

b. price of tea is higher in China than in the United Kingdom.

c. price of tea is higher in the United Kingdom than in China.

d. fewer resources are used to producing a unit of tea in China than in the United Kingdom.

e. opportunity cost of producing a unit of tea in China is lower than in the United Kingdom.

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Principles Of Microeconomics

ISBN: 9781913689681

7th Edition

Authors: Fred M. Gottheil

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Question Posted: Nov 08, 2024 02:01 AM

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1. While tea is the beverage of choice in both China and the United Kingdom, the Chinese...

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Principles Of Microeconomics

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