A nation's comparative advantage is determined by
A. the total cost of production.
B. the quantity of resources required to produce a unit of output.
C. the opportunity cost of producing an item relative to a trading partner's opportunity cost of producing the same item.
D. specialization in the production of all goods.
C. the opportunity cost of producing an item relative to a trading partner's opportunity cost of producing the same item.
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In the figure above, how much do the consumers pay in total for the quantity of pizza they buy per day?
A) $100,000 B) $150,000 C) $125,000 D) $50,000 E) None of the above answers is correct.
The marginal social benefit curve from a public good is found by horizontally summing the marginal benefit curves of all individuals
Indicate whether the statement is true or false
From the highest percentage to the lowest percentage, the percentage of profits earned by businesses in the United States is represented by which of the following?
A) partnerships, corporations, sole proprietorships B) corporations, sole proprietorships, partnerships C) corporations, partnerships, sole proprietorships D) sole proprietorships, partnerships, corporations
Which statement best describes economic fluctuations?
a. Expansions and contractions typically have about the same lengths. b. Expansions typically last 7 years, while recessions typically last 3 years. c. Expansions tend to be shorter than contractions. d. The percent change in output is larger during recessions than during expansions. e. Expansions and contractions vary in duration and magnitude, with expansions tending to last longer than contractions.