Country A has a comparative advantage compared to Country B in the production of shoes if
A. Country A can produce shoes using fewer resources than Country B can.
B. Country A can produce shoes at a lower cost in terms of other goods than Country B can.
C. Country A can produce shoes at a lower monetary cost than Country B can.
D. the demand for shoes is higher in Country A than in Country B.
Answer: B
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If an inexpensive alternative to oil were found, the price of oil adjusted for inflation
a. would decline as the alternative would reduce the demand for oil. b. would decline as the alternative would reduce the supply of oil. c. would increase as the alternative would increase the demand for oil. d. would increase as the alternative would increase the supply of oil.
Which of the following is an economic activity:
A. Following the stock market B. Reading a bank statement C. Balancing a checkbook D. Purchasing a candy bar
The lower the price elasticity of foreign supply of a country's imports
A. the lower will be tariff revenue of the government of the imposing country. B. the lower will be the prohibitive tariff imposed by this country. C. the higher will be the optimum tariff imposed by this country. D. the higher will be the fluctuation in the availability of the imported goods in this country.
List the three major human resource problems in developing nations.
What will be an ideal response?