Answer:
a) Property
Explanation:
A property right is the exclusive or sole authority which determines the legal ownership of tangible and intangible resources and how these resources are to be used, whether by individuals or government.
Basically, properties can either be owned by the government, an individual or business entity. Some examples of a property include cars, land, houses, machines, books, inventions, mobile phones, ideas, birds, etc.
Hence, property rights refers to a set of rights to control a tangible or intangible thing.
Answer:
bigger is the correct answer.
Explanation:
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Answer:
Lowa should produce corn; Nebraska should produce Wheat
Explanation:
Two states: Iowa and Nebraska
Same two goods are produced by both of them: Corn and wheat
For lowa,
Opportunity cost of producing wheat = 3 bushels of corn
Opportunity cost of producing corn = (1 ÷ 3) bushels of wheat
For Nebraska,
Opportunity cost of producing wheat = (1 ÷ 3) bushels of corn
Opportunity cost of producing corn = 3 bushels of wheat
According to the concept of comparative advantage, a country is exporting the commodity in which it has a comparative advantage and a country has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity is lower than the other country.
In our case, lowa should producing and exporting corn because the opportunity cost of producing corn is lower than the Nebraska and on the other hand, Nebraska should producing and exporting wheat because the opportunity cost of producing wheat is lower than the lowa.
