Specialization means that a country devotes its energy and resources to only a small proportion of the world’s productive activities.

Which of the following statements is TRUE?

A) APC + APS = 1 B) APC + APS < 1 C) APC + MPS = 1 D) APC + APS + MPC + MPS = 1

A country or region has a comparative advantage when it can produce a good or service ______.

a. at a lower opportunity cost than others b. at a faster pace than others c. using fewer resources than others d. that is of higher quality than others