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.
Answer: B
Economics
You might also like to view...
If the bank is selling euros for $0.89, then what is the implied euro price of the dollar?
A) 2.00 B) 1.99 C) 2.32 D) 1.12
Economics
"The price level may fall but it will not necessarily lower the interest rate, not if we are in a liquidity trap." This is a statement a __________ economist might make as an explanation of why the economy __________ pull out of a recession
A) Classical; will B) Classical; may not be able to C) Keynesian; will D) Keynesian; may not be able to
Economics