The existence of absolute advantage
A. implies that there will be no benefits from trade taking place between two nations.
B. refers to a situation where one country can produce one particular good with fewer units of resources than the other country.
C. fosters the self-sufficiency of the two nations.
D. refers to a situation in which one country can produce all goods with fewer units of resources than can another country.
B. refers to a situation where one country can produce one particular good with fewer units of resources than the other country.
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Output growth is defined as the growth rate of output
A. per person in the economy. B. per worker in the economy. C. of the entire economy. D. for capitalist economies.
$500 invested at an annual interest rate of 8 percent will be worth how much at the end of one year?
A. $504. B. $508. C. $540. D. $580.