A person has a comparative advantage in producing a good if that person:
A) can produce the good at a lower absolute cost than anyone else.
B) can produce the good at a lower opportunity cost than anyone else.
C) can do a better job than anyone else.
D) spends more money in out-of-pocket expenses than anyone else.
E) can produce the good at a higher opportunity cost than anyone else.
Correct Answer:
Verified
Q43: Which of the following is true of
Q44: Stocks and bonds are examples of:
A)natural resources.
B)financial
Q45: What accounts for specialization?
A)People specialize in the
Q46: Figure 1.2 Q47: Oil found underground in Texas is an Q49: Opportunity cost: Q50: An economy's resources: Q51: Every society must deal with the problem Q52: Which of the following is an example Q53: In economics, which of the following is
A)applies only to consumption decisions.
B)applies only
A)are limited in quantity.
B)are always
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