Question: For one nation could be more efficient at both goods exchanged, but they should produce only the item that they are comparatively more efficient at

For

one nation could be more efficient at both goods exchanged, but they should produce only the item that they are comparatively more efficient at producing

(

lower opportunity cost

) .

self sufficient

cost ratio

absolute advantage

comparative advantage

For one nation could be more efficient at both

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Pinnacle Custom Home Builders purchased a 40 foot articulating boom lift three years ago for $55,000. The equipment has been depreciated under the 5-year MACRS schedule (20%, 32%, 19%, 12%, 12% &...

Tom and Jerry have one day to work, but two tasks to focus on: building chairs and tables. If Tom spends all day building chairs, he will make 16 chairs. If he instead devotes his day to building...

Please answer these questions Question 7 Which of the following is an argument for free trade? Lower consumption possibilities. The need to protect goods and services essential to national security....

Question 12.5 pts What is the Federal Reserves Dual Mandate? Group of answer choices Longest business cycles and maximum employment. maximization of marginal revenue and minimum cost. Maximization of...

Incorrect Question 2 0 / 3 pts In January, I signed a year-long, binding contract at a local gym, and I agreed to pay $30 per month in membership fees. I also spent $200 on new gym clothes. Now, I am...

I. Multiple Choice (2 points per each. In total 50 points) 1. Which of the following statements is true about a market economy? ( ) a. Market participants act as if guided by an "invisible hand" to...

read and summarize the above text and put it in a PowerPoint presentation form. 12 to 14 slides ***chegg doesn't support PowerPoint presentation documents hence take screenshots or snapshots and post...

summarize the above extract. 3 to 4 pages(limit) 10.4 Globalization Globalization refers to the process of creating a worldwide network of businesses and markets. Globalization results in greater...

summarize the above text. ranging between 2 to 3 pages 10.4 Globalization Globalization refers to the process of creating a worldwide network of businesses and markets. Globalization results in...

1i2?t2020 Venezuela Faces Shortages in Grocery Staples The New York Times 5hr .'Xu ork Elam; l'Vi'th Venezuelan Food Shortages, Some Blame Price Controls By William Noun-tart April 20. 201.2 CARACAS,...

Part 2. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block (upper) case letter of your choiceunder column "A" and match the definitions in column "B"...

Based on the following information, prepare a depositticket: Date: Currency Coin: Chocks: January 15, 20 No. 4-12 No. 80-318 No. 3-8 $396.00 23.20 372.00 127.00 44.00

Suppose y = 2x + 1, where and are functions of . (a) If dx/dt = 3, find dy/dt when x = 4. (b) If dy/dt = 5, find dx/dt when x = 12.

A plain vanilla swap is especially beneficial when interest rates are expected to Group of answer choices rise consistently. decline consistently. be stable. rise and then decline.

Which of the following statements accurately reflects concerns about China's increasing water deficits in agriculture and their potential impact on global grain trade dynamics? Which of the following...