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What term applies when one option is chosen from among several possibilities? a)Opportunity cost b)Absolute advantage c)Comparative advantage d)Lost possibilities $TRX
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Farmer John has a pistachio farm. It takes him 5 hours worth of work to harvest 1 pound of nuts. Farmer Rick also has a pistachio farm. It takes him 10 hours worth of work to harvest 1 pound of nuts. Finally, Farmer Erica owns a third pistachio farm. She can harvest 1 pound of nuts in 2 hours. Who has the absolute advantage in this example? a)Farmer Erica b)Farmer Rick c)Farmer John d)Unclear
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When one producer can create a given amount of output with fewer inputs, what exists? a)Comparative advantage b)Comparative disadvantage c)Absolute advantage d)Absolute disadvantage $SOL
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1. Why should countries trade? a)To help them thrive b)To increase output c)To decrease output d)To keep them busy
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Iranian Foreign Minister Abbas Araghchi was visiting China on Wednesday for consultations ahead of a new round of nuclear talks with the United States. Iran and the United States are set to meet in Oman on Saturday for a third set of talks on the Iranian nuclear issue, with Araghchi and US Middle East envoy Steve Witkoff leading the negotiations. A technical meeting between nuclear experts from the two countries will also be held on Saturday in the Omani capital, Muscat. “It is necessary for us to keep our friends in China informed of developments and to consult with them,” Araghchi told Iranian state television. China was a party to the 2015 nuclear agreement that reined in Tehran’s nuclear program, which was abandoned after US President Donald Trump withdrew from it three years later. $BTC
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