How can a nation and its producers determine whether or not it has a comparative advantage in producing a particular good or service?

What will be an ideal response?

Whether a nation has a comparative advantage in the production of a particular good or service can be determined by comparing the price the good or service sells for domestically to the world price of the same good or service. If the domestic price is less than the world, the nation has a comparative advantage in the production of that good or service. If the domestic price exceeds the world price, the nation does not have a comparative advantage in the production of that good or service.

Economics

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If depreciation exceeds gross investment, net investment is negative

Indicate whether the statement is true or false

Economics

Which three macroeconomic variables together best describe the health of the economy?

A. Output, GDP, and inflation B. Output, inflation, and prices C. GDP, unemployment, and employment D. Output, prices, and employment

Economics