If a nation has an absolute advantage in the production of a good it:
A) can benefit by restricting imports of that good.
B) will specialize in the production of that good and export it.
C) can produce that good using fewer resources than its trading partner.
D) can produce that good at a lower opportunity cost than its trading partner.
Correct Answer:
Verified
Q13: Points on the production possibilities frontier are
A)
Q14: Exhibit 1 Q15: Exhibit 1 Q16: Exhibit 1 Q16: Comparative advantage, not absolute advantage, determines the Q18: If Italy has an absolute advantage in Q19: Economic growth is depicted by a: Q20: If trade benefits one country, its trading Q21: Exhibit 2 Q22: Suppose the world price is below the Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
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