When a country has the ability to produce more of a good than others with a given amount of resources, it:
A) has an absolute advantage.
B) has a comparative advantage.
C) it a free-trader.
D) should remain self-sufficient.
Correct Answer:
Verified
Q3: When trade is possible, each country can
Q4: When each country specializes in producing the
Q5: Absolute advantage is the ability to produce:
A)more
Q6: Voluntary exchanges generate:
A)surplus, leaving both participants better
Q7: When a country has the ability to
Q9: If Spain sells soccer balls to the
Q10: Which of the following is not an
Q11: Voluntary exchanges between _ generate surplus.
A)firms
B)countries
C)individuals
D)All of
Q12: When two countries specialize and trade:
A)they both
Q13: Comparative advantage is the ability to produce:
A)more
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