24. In order for trade between two countries to take place, (LO3) a) absolute advantage is necessary b) comparative advantage is necessary c) both absolute and comparative advantage are necessary d) neither absolute nor comparative advantage is necessary 25. Which statement is the most accurate? (LO2, 10) a) Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods. b) We import more foreign goods than we did 40 years ago, but merchandise imports are still about the same percentage of our GDP. c) In the decades following World War II, the Japanese consumer has strongly favored domestically manufactured goods over imports. d) America has maintained its technological lead. 011)