What are the determinants of a country's comparative advantage?
What will be an ideal response?
The determinants of a country's comparative advantage are:
a) Natural resources
b) Stocks of man-made resources
c) Technology
d) Education, work habits, and experience of the labor force
e) Relative abundance of labor and capital
f) Climate
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The "rational expectations revolution" refers to a substantial change in the thinking of ________
A) households and businesses B) policy makers C) macroeconomists D) elected officials
If the four-firm concentration ratio for an industry is 84 percent, then
A) each of the firms account for 21 percent of total sales. B) the four largest firms in the industry account for 16 percent of the total sales. C) the four largest firms in the industry account for 84 percent of the total sales. D) the remaining firms in the industry accounts for 84 percent of the total sales.