What is the primary difference between income and wealth? a. income is earned by households; wealth is gained by inheritance. b. income is a flow variable; wealth is a stock variable. c. income reveals net worth; wealth is a stock variable. d. income is the value of what a household owns minus its debt; wealth is a measure of net worth.

scenario: hawaii and south carolina are trading partners. hawaii has an absolute advantage in the production of both coffee and tea. the opportunity cost of producing 1 pound of tea in hawaii is 2 pounds of coffee, and the opportunity cost of producing 1 pound of tea in south carolina is 1/3 pound of coffee. which of the following statements is true? a. south carolina should specialize in the production of both tea and coffee. b. hawaii should specialize in the production of tea, whereas south carolina should specialize in the production of coffee. c. hawaii should specialize in the production of coffee, whereas south carolina should specialize in the production of tea. d. hawaii should specialize in the production of both tea and coffee.