Countries that engage in trade will tend to specialize in goods in which they have a(n) _______ and will _______ those goods.
A) comparative advantage; import
B) absolute advantage; export
C) comparative advantage; export
D) economic profit; import
Ans: C) comparative advantage; export
Economics
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The United States was taken off the gold standard by
A) President Lyndon Johnson. B) President Richard Nixon. C) the Federal Reserve Chairman. D) President Jimmy Carter.
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Which of the following would not be an example of an oligopolistic industry?
a. light bulbs b. convenience stores c. aircraft d. breweries
Economics