If Spain sells soccer balls to the United States,then Spain:
A) has an absolute advantage over the United States in making soccer balls.
B) can produce more soccer balls than the United States given the same resources.
C) has the ability to produce soccer balls at a lower opportunity cost than the United States can.
D) does not have any trade barriers with the US.
Correct Answer:
Verified
Q6: Voluntary exchanges generate:
A)surplus, leaving both participants better
Q10: Absolute advantage is the ability to produce:
A)
Q11: If Colombia has a comparative advantage over
Q12: The increase in welfare in both countries
Q13: Gains from trade are the:
A) increase in
Q14: When trade is possible,each country can produce
Q16: If Japan has an absolute advantage over
Q17: For the most part,trade between many countries:
A)
Q18: Both countries can benefit from trade when:
A)
Q19: Voluntary exchanges between _ generates surplus.
A) firms
B)
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