Countries that engage in trade will tend to specialize in the production of goods and services in which they have ________ and will ________ these goods and services
A) a comparative advantage; export B) a comparative advantage; import
C) an absolute advantage; import D) an absolute advantage; export
A
Economics
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Diminishing marginal returns occur when:
A) units of a variable input are added to a fixed input and total product falls. B) units of a variable input are added to a fixed input and marginal product falls. C) the size of the plant is increased in the long run. D) the quantity of the fixed input is increased and returns to the variable input fall.
Economics
When income increases, the demand curve for an inferior good
A) shifts to the right. B) shifts to the left. C) moves up along the demand curve for the product. D) remains constant.
Economics