Absolute advantage is the ability to produce:
A) more of a good than others with a given amount of resources.
B) relatively more than any other good with a given amount of resources.
C) a good or service at a lower opportunity cost than others can.
D) more of a good at a lower cost.
Correct Answer:
Verified
Q5: Comparative advantage is the ability to produce:
A)
Q6: If England buys hockey sticks from Canada,then:
A)
Q7: When two countries specialize and trade:
A) both
Q8: When each country specializes in producing the
Q9: The right decision about what to produce
Q11: If Colombia has a comparative advantage over
Q12: The increase in welfare in both countries
Q13: Gains from trade are the:
A) increase in
Q14: When trade is possible,each country can produce
Q15: If Spain sells soccer balls to the
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