When trade is possible, each country can produce the goods that it has a(n) _______ advantage at producing, rather than the _______.
A) comparative; exact combination of goods its consumers want
B) absolute; exact combination of goods its consumers want
C) absolute; goods it has a comparative advantage at producing
D) comparative; exact combination of goods its producers want
Correct Answer:
Verified
Q1: If Colombia has a comparative advantage over
Q2: If Japan has an absolute advantage over
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
Q8: 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
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