In general, when a nation has an absolute advantage over other nations in a particular product, it can produce that product:
A. in greater absolute quantities.
B. at a lower opportunity cost of production.
C. with fewer inputs per unit.
D. without sacrifices in terms of other products.
C. with fewer inputs per unit.
You might also like to view...
The national debt is the total amount the ________ government has ________ to make expenditures that exceed tax revenue
A) state and local; borrowed B) federal; taxed U.S. citizens C) state and local; taxed U.S. citizens D) federal; borrowed E) federal; loaned
Based on the graph showing U.S. health care expenditures as a percentage of GDP, during which period did health care expenditures remain fairly steady?
a. 2000 to 2006
b. 2006 to 2009
c. 2009 to 2013
d. 2013 to 2016
Which group is most likely to be adversely affected by the importation of foreign steel?
A. Domestic steelworkers. B. Foreign steel producers. C. Consumers of domestic automobiles for which steel is an input. D. Domestic automobile workers.
Which of the following groups is most likely to participate in an employer-sponsored retirement plan?
A. Workers with defined benefit plans in small workplaces B. Low-wage workers C. High-wage workers in part-time jobs D. High-wage workers in full-time jobs