Which of the Following Best Describes Comparative Advantage

Question 1 Which of the following definitions best describes comparative advantage. The nation that has the largest reserves of gold and other natural resources will enjoy a position of comparative advantage in trade relationships.

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A country has a comparative advantage in the production of a good if it can A produce the good at the lowest opportunity cost B produce more of the good most efficiently C tradeoff producing the good for another good D produce the food and remain on its production possibilities frontier E produce more of the good than another country.

. C Firm A can produce 4 boxes of cereal in a day and Firm B can produce 5 boxes of cereal in a day. Which of the following BEST describes comparative advantage. Comparative advantage is more important for trade.

Asked Aug 16 2019 in Economics by CoreIS A. B a good for a lower opportunity cost than another person. Brazil has a comparative advantage in banana production.

Using the fewest number of. The capability to produce more of a given product using less of a given resource than a competing entity. B Jane can type 50 words per minute and Joe can type 60 words per minute.

Which of the following statements best describes a comparative advantage. Leah has a comparative advantage in writing articles. Which of the following best describes the principle of comparative advantage.

It is rarely found between two countries. D forgoing the fewest units of one product to produce a unit of another product. Which of the following best describes comparative advantage.

Forgoing the fewest units of one product to produce a unit of another product O c. Each nation should produce those goods that it can produce more efficiently and effectively than other nations and buy the goods it cannot produce efficiently from other nations. Kim has a comparative advantage in worksheets.

Which of the following best describes comparative advantage. If a state can produce the highest volume of wool in the world that state should produce wool regardless ofopportunity cost. Someone has the ability to produce the same good using fewer inputs than another producer.

Sellers of goods will gain at the. Someone has the ability to produce the same good for the lowest opportunity cost. The best way for a nation to ensure full employment is to be totally self-sufficient rather than relying on other nations to obtain goods and services.

Total output will fallc. A using the fewest number of resources to produce a given amount of output. Buyers of goods will gain at the expense of sellersd.

Question 1 15 15 pts Which of the following statements best describes the theory of comparative advantage. Which of the following best describes the principle of comparative advantage. Someone has the ability to produce the same good for the lowest opportunity cost.

35 Comparative advantage is defined as a situation in which one person can produce A more of a good than another person. A producing unit can produce more of a good or service at a lower opportunity cost than any other producing unit. Absolute advantage is the ability to produce a good using fewer inputs than another producer while comparative advantage is the ability to produce a good at a lower opportunity cost than another producer reflecting the relative opportunity cost.

Having the largest number of resources compared to other countries O B. Which of the following statements is the best description of comparative advantage. Which of the following best describes the condition when a country has a comparative advantage in producing a good.

Leah has a comparative. E a good for a lower dollar cost than another person. Each nation should produce those goods that it can produce more efficiently and effectively than other.

To produce more of one good people have to produce less of. The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another. It is based on absolute costs.

Economics questions and answers. When a nation can produce a good or service more efficiently than any other nation. Country A can produce a product at a lower opportunity cost than Country B Country A can produce more of a product than Country B Country A has a currency worth more than the currency of country B Country A uses a smaller amount of a resource to produce than Country B.

Which of the following best describes the principle of comparative advantage. The factors used to produce goods and services C. E It is the same as absolute advantage.

Being able to produce more output than any other country O D. If each person sells goods for which he or she has the greatest comparative advantage in production and buys those for which his or her comparative advantage is least thea. 36 Which of the following describes comparative advantage.

Which of the following BEST defines absolute advantage in terms of international trade. The country can produce the product with a lower monetary cost than any actual or potential trading partner. Each nation should produce those goods that it can produce more efficiently and effectively than other nations and buy the goods it cannot produce efficiently from other nations.

Which of the following best describes the comparative advantage of the two countries illustrated in Figure 351. The country with the largest domestic market will be the most efficient if the costs of production are similar. Among the main sources of comparative advantage are the following.

Scotland has a comparative advantage in producing firewood while Iceland has a comparative advantage in producing wool. It is the relative difference between the tax rates for countries on imports. Total output available to each person can be expanded by specialization and exchangeb.

If the two nations trade with. Japan has a comparative advantage in motorcycles the United States in DVD players. Which of the following statements best describes the theory of comparative advantage.

When a nation only exports and never imports C. For individuals localities and nations that have never been the best at doing anything they. B being able to produce more output than any other country.

In the context of barriers to international trade variability in the level of infrastructure across nations is an _____. It is the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries. Some people can produce the same good better than other producers can.

Canada has the comparative advantage in ice pop production. It is an advantage derived from comparing the opportunity costs of production in two countries. Which of the following best describes what we mean by resources in economics.

Human resources like workers D. 35 D more of all goods than another person. C having the largest number of resources compared to other countries.

Which of the following describes comparative advantage. When a nation has more buying power than any other nation D. Someone has the ability to produce the same good using fewer inputs than another producer.

Natural resources like natural gas and trees B. Which of the following statements best describes the theory of comparative advantage. When a nation only imports and never exports B.

C all goods for lower opportunity costs than another person. A Firm A can produce a good at a cost of 3 a unit and Firm B can produce the same good at a cost of 4 a unit. Economics questions and answers.

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