A country has to be able to produce both goods at a faster rate in order to have an absolute advantage.
Correct Answer:
Verified
Q313: Economists refer to the payment to labor
Q314: If an economy is operating at a
Q315: Which scenario shifts the production possibilities frontier
Q316: (Table: Production Possibilities Schedule) In the table,
Q317: "Absolute advantage" is defined as when goods
Q319: Natural resources in the production process are
Q320: David Ricardo would be MOST likely to
Q321: Explain how a free-market economy decides what
Q322: (Figure: Tanks and Health Care) Which points
Q323: What can governments do to increase economic
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