The concept of free trade is based on the principle that countries should specialize in the production of goods for which the
a. absolute advantage is highest
b. absolute advantage is lowest
c. opportunity cost is highest
d. opportunity cost is lowest
e. consumers have the highest demand
D
Economics
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When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false
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Economists and accountants usually disagree on the inclusion of implicit costs into the cost analysis of a firm
a. True b. False Indicate whether the statement is true or false
Economics