A nation has a comparative advantage in a good when it has a
A) higher opportunity cost of producing the good.
B) tariff in place protecting the producers of the good.
C) higher absolute cost of producing the good.
D) lower absolute cost of producing the good.
E) lower opportunity cost of producing the good.
E
You might also like to view...
If two persons trade, one must gain at the expense of the other.
Answer the following statement true (T) or false (F)
Which of the following raises the equilibrium price and increases the equilibrium quantity of used cars?
A) a fall in income if used cars are an inferior good B) an increase in the wage rate paid to used car salespeople C) neither of the above because the question suggests a violation of the "law of demand" D) neither of the above because the question suggests a violation of the "law of supply"
Unemployment insurance was created as part of the
a. Social Security Act of 1935 b. Full Employment Act of 1946 c. Keynesian Act of 1935 d. Phillips Act of 1947 e. National Recovery Act of 1933
What is Gross Domestic Product? What is included in this statistic? What is excluded? Give two examples of goods or services that are included in GDP and two examples of goods or services that are excluded