The ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same amount of resources, is referred to as:
A) marginal advantage.
B) comparative disadvantage.
C) absolute advantage.
D) perfect advantage.
C
You might also like to view...
An increase in the demand for corn is more than offset by an increase in its supply. As a result, the equilibrium price will ________ and the equilibrium quantity will ________.
A. decrease, increase B. increase, increase C. decrease, decrease D. increase, decrease
Which of the following causes a movement along the aggregate demand curve?
A) an increase in the price level B) an increase in government spending C) an increase in the money supply D) a fall in wages
In the above table, which tax plan is regressive?
A) only plan A B) only plan B C) only plan C D) both plan A and plan C
All of the following are surplus items on the balance of payments accounts EXCEPT
A) U.S. residents purchases of gold from foreign residents. B) foreign tourists spending funds in the United States. C) exports of merchandise. D) sales of U.S. dollars to foreign residents.