The table below shows the tons of rice and corn that can be…

The table below shows the tons of rice and corn that can be produced in Country X and Country Y in one year, using the same amount of productive resources. Table Country Rice Corn Country X 20 40 Country Y 16 4 According to the theory of comparative advantage, what should firms in Country X do?

Consider the data in Table 1. Table 1: Economy-wide Product…

Consider the data in Table 1. Table 1: Economy-wide Product and Prices by Year Item 2005 Price 2005 Quantity 2006 Price  2006 Quantity Apples $2.00 10 $2.25 12 Oranges $3.00 10 $3.50 8   Assuming that production in both years consisted entirely of apples and oranges, the nominal GDP growth rate between 2005 and 2006 was: