The concept of comparative advantage is based upon:
A) absolute labor productivity.
B) relative labor costs.
C) dollar prices of labor.
D) relative opportunity costs.
Ans: D) relative opportunity costs.
Economics
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Pick the decision maker from the list below
A) The head of Al Qaeda B) The Taliban C) The Government of Afghanistan D) The Middle East E) All of the above are decision makers.
Economics
The law of diminishing returns
A. is completely invalid. B. states that if units of a resource are added to a fixed proportion of other resources, eventually marginal product will decline. C. states that if any two resources are combined, production will fall. D. states that profit margins decline as output rises.
Economics