The concept of absolute advantage relies on
A) the idea of comparative advantage.
B) the ability to produce more units of an item with a given amount of resources.
C) the idea of opportunity cost.
D) the concept of economic efficiency as measured on the production possibility curve.
B
Economics
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Which of the following is a responsibility of the Federal Open Market Committee (FOMC)?
a. Levying direct and indirect taxes b. Buying and selling U.S. government bonds c. Setting the discount rate d. Setting the minimum reserve ratio
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