Answer:
Explanation:
Taking Country B as a comparison to the United States,
Country B -
1 barrel of oil = 7 hrs
1 ton of coal = 3 hrs
U.S. -
1 barrel of oil = 4 hrs
1 ton of coal = 5 hrs
Country B has the comparative advantage in coal production over US because it takes less time to produce 1 ton of coal. The opposite is true for oil production as US takes less time for 1 barrel of oil.
Availability and use of a natural resource give a country an advantage over another that does not. It takes less time with easily accessible national resource to produce something; such as oil and coal.
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President Kennedy, in those words from his inaugural speech in 1961, wanted to urge Americans toward public service and global service. Kennedy was instrumental in establishing the Peace Corps, which was put into place not long after his inauguration (already in March, 1961). The Peace Corps enlisted Americans as volunteers to give their time to serving underdeveloped nations in the world.
Fifteen years after the collapse of the Soviet Union, "U.S.-Russia relations are clearly headed in the wrong direction," finds an Independent Task Force on U.S. policy toward Russia sponsored by the Council on Foreign Relations. "Contention is crowding out consensus. The very idea of a 'strategic partnership' no longer seems realistic," it concludes.
Answer: yes and no. For the most part yes as it allows the government to pick and choose what is and isn't recognized as a local currency. A good example of fiat money is gold.
