If a country has an absolute advantage,it has:
A) The ability to produce a specific good at a lower opportunity cost than its trading partners.
B) Total market domination in the production and sales of a specific good.
C) The ability to produce a specific good with fewer resources than its trading partners.
D) The ability to guarantee itself very favorable terms of trade at the expense of its trading partners.
Correct Answer:
Verified
Q38: The most desired goods and services that
Q39: Consumption possibilities refers to the:
A) Maximum amount
Q40: Specialization and trade benefits:
A) Both rich countries
Q41: Terms of trade refer to:
A) Negotiations made
Q42: Comparative advantage refers to a country's:
A) Ability
Q44: Suppose Brazil has a comparative advantage in
Q45: If a country has a lower opportunity
Q46: Suppose Chile has a lower opportunity cost
Q47: Suppose the United States has a lower
Q48: If a country can produce rice with
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