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Economics
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20 Feb 2019

Chapter 2

1. Regional specialization played a crucial role in colonial economic development. Discuss regional specialization in the colonies using the concepts of comparative advantage and opportunity cost.

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Sixta Kovacek
Sixta KovacekLv2
22 Feb 2019

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"Colonialism played a vital role in the emergence and development of industrial capitalism in Europe". Explain how colonialism played a  very crucial role in the development of industrial capitalism in Europe.

4) A person who has an absolute advantage in the production of all goods will A) produce all goods at the lowest opportunity cost. B) also have a comparative advantage in the production of all goods. C) not be able to gain from specialization and trade. D) have a comparative advantage in the production of only some goods and not others. E) not have a comparative advantage in the production of any goodo.

19) A person who has an absolute advantage in the production of all goods will A) not have a comparative advantage in the production of any goods. B) produce all goods at the lowest opportunity coot. C) have a comparative advantage in the production of only some goods and not others. D) not be able to gain from specialization and trade. E) also have a comparative advantage in the production of all goods.

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