If country A has a higher opportunity cost in producing good X than does country B, then we know that
A. country B has an absolute advantage in the production of product X.
B. country B has a comparative advantage in the production of product X.
C. country A has an absolute advantage in the production of product X.
D. country A has a comparative advantage in the production of product X.
B. country B has a comparative advantage in the production of product X.
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To understand what causes the business cycle, leading variables alone are of interest. Coincident and lagging variables merely display the consequences of changes in the economy. Respond
What will be an ideal response?
The price elasticity for beef is -0.5. If price for beef in the market increases (by a small amount), beef producers can expect their total value of sales (total revenue) to:
a. increase b. decrease c. stay the same d. can't tell from the available information
Advertising is likely to
A. shift the firm's average total cost curve upward and make demand more elastic. B. shift the firm's average total cost curve downward and make demand more elastic. C. shift the firm's average total cost curve upward and make demand more inelastic. D. shift the firm's average total cost curve downward and make demand more inelastic.
A _____ variable is used to incorporate qualitative information in a regression model.
A. dependent B. continuous C. binomial D. dummy