________: when one nation can produce goods more cheaply than another nation
Fill in the blank(s) with correct word
Absolute advantage
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What is the difference between money and wealth?
If a borrower arbitrarily gains purchasing power as the result of a particular loan agreement, then
A. actual inflation was greater than expected inflation. B. actual inflation was equal to expected inflation. C. actual inflation was less than expected inflation. D. the real interest rate was greater than the nominal interest rate.
A dominant strategy is one that is best no matter what the other player(s) does (do).
Answer the following statement true (T) or false (F)
It is sometimes difficult to transfer the advanced technologies of the industrialized nations to the DVCs because:
A. the technologies of the IACs are frequently based on relatively expensive labor and relatively cheap capital. B. the resource endowments of the IACs and the DVCs are highly similar. C. international patent laws prohibit such transfers. D. the technologies of the IACs are frequently based on relatively cheap labor and relatively expensive capital.