Critically evaluate the following statement. "Only if a country enjoys an absolute advantage in the production of a particular good will that country find it beneficial to trade it with another country
What will be an ideal response?
Absolute advantage is not what governs trade. Trade occurs instead because of comparative advantage that one country might have over another in the production of a particular good or service.
Economics
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Many firms use technology to gather information on the preferences of consumers and their responses to changes in prices. This information is then used to adjust prices of the firms' goods and services. This practice is called
A) price discovery. B) yield management. C) empirical research. D) econometrics.
Economics
Long-run equilibrium for a perfectly competitive firm occurs when
a. P = MC = MR = ATC b. MC = MR = AFC = ATC c. MC = MR = P > ATC d. P > MC > MR > ATC e. TR > TC
Economics