A country or region has a comparative advantage when it can produce a good or service ______.
a. at a lower opportunity cost than others
b. at a faster pace than others
c. using fewer resources than others
d. that is of higher quality than others
a. at a lower opportunity cost than others
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A cartel is an agreement
A) among firms to flood the market and eliminate competition. B) among firms to steal industrial processes from rival firms. C) among firms to decrease output and raise price. D) by the government to restrict imports.
Consequences of the European Monetary Union include ________
A) a global financial crisis in 2007-2008 B) tightening of capital controls in several economies C) convergence of unemployment rates across the member economies D) consistent monetary policy across the member economies
Two items which have a negative cross price elasticity of demand are referred to as
A) luxury goods. B) inferior goods. C) substitutes. D) complements.
The Department of Commerce sums the payments made to resources to arrive at GDP in the form of wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called the:
a. opportunity cost approach. b. income approach. c. expenditure approach. d. monetarist approach.