What does it mean for a nation to have an absolute advantage in producing a product?
What will be an ideal response?
If a country has the ability to produce a product at a lower resource cost than anyone else, the country is said to have an absolute advantage.
Economics
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Which of the following does NOT influence the type of oligopoly that forms?
A) Whether firms act sequentially or simultaneously. B) Whether firms set price or quantity. C) The type of demand curve the firms face. D) The time horizon over which firms will be in competition.
Economics
Most economists believe that the source of European high unemployment in the past two decades is
A) labor market institutions. B) tight monetary policy. C) tight fiscal policy. D) financial crisis.
Economics