Absolute advantage is determined by
A) actual differences in labor productivity between countries.
B) relative differences in labor productivity between countries.
C) Both A and B.
D) Neither A nor B.
A
You might also like to view...
Assuming all else equal, if the demand for a firm's product falls, ________
A) the firm moves to a lower point along its labor demand curve B) the firm moves to a higher point along its labor demand curve C) the firm's labor demand curve shifts to the left D) the firm's labor demand curve shifts to the right
Refer to the scenario above. Which of the following statements will hold true if the starting bid is $300?
A) Everyone except Bob will take part in the auction. B) Everyone will take part in the auction. C) Only Bob will take part in the auction. D) Everyone except Joe will take part in the auction.
For a profit-maximizing monopolistically competitive firm, for the last unit sold, the marginal cost of production is less than the marginal benefit received by a customer from the purchase of that unit
Indicate whether the statement is true or false
Increases in productivity due to changes in technological capacity could be best represented by:
a. Outward shift in the demand curve b. Outward shift in the supply curvec Outward shift in both the demand and supply curves d. Inward shift in the supply curve