Which of the following best describes comparative advantage?
A) using the fewest number of resources to produce a given amount of output
B) being able to produce more output than any other country
C) having the largest number of resources compared to other countries
D) forgoing the fewest units of one product to produce a unit of another product
E) It is the same as absolute advantage.
D
You might also like to view...
An upscale fusion bistro in a small town charges higher prices for the same menu items at dinner time than at lunch time. Does the bistro necessarily practice price discrimination?
Explain your answer
After a fruitless two-year search for a job, a former executive gives up and decides to live off the land in the Rocky Mountains. This former executive is considered
A. Structurally unemployed. B. One of the phantom unemployed. C. A discouraged worker. D. Underemployed.