When a country has the ability to produce more of a good than others with a given amount of resources, they:
A. have an absolute advantage.
B. are free-traders.
C. have a comparative advantage.
D. should remain self-sufficient.
Answer: A
Economics
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A monopoly does not have a supply curve
What will be an ideal response?
Economics
All of the following statements are correct, except that the firm has:
The following table shows the short-run total cost data for a firm.
A. Economies of scale
B. Fixed costs of $80
C. Constant marginal cost
D. An average fixed cost of $20 at 4 units of output
Economics