If Japan has an absolute advantage over the United States in making TVs,it means:
A) Japan probably sells TVs to the United States.
B) Japan is more productive at making TVs than the United States,when both countries use the same quantity of resources in TV production.
C) Japan has the ability to produce TVs at a lower opportunity cost than the United States.
D) None of these is true.
Correct Answer:
Verified
Q15: Absolute advantage is the ability to produce:
A)more
Q16: If Colombia has a comparative advantage over
Q17: When each country specializes in producing the
Q19: Both countries can benefit from trade when:
A)at
Q19: Voluntary exchanges between _ generates surplus.
A) firms
B)
Q21: A country with a lot of land
Q22: As workforces become more educated in countries
Q23: A country is likely to have a
Q24: In reality,trade requires:
A)governments to get together and
Q30: As workforces become more educated in countries
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