Explain why it is not possible for a country to have comparative advantage in the production of all goods
If a certain country is more efficient at producing all goods than its trading partners, the country in question would have an absolute advantage in the production of these goods. However, a greater capacity of producing good A would imply a greater opportunity cost of producing good B. In this way, the country in question cannot have lower opportunity costs for all goods.
Economics
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The time it takes for the Fed or government policymakers to enact policies to correct unemployment or inflation problems is a source of which lag?
A) the implementation lag B) the recognition lag C) the government lag D) the impact lag
Economics
When prices are falling, economists say that there is
a. disinflation. b. deflation. c. a contraction. d. an inverted inflation.
Economics