Question: What does comparative advantage reflect? a. efficiency b. terms of trade advantage c. relative opportunity cost d. productivity What is the formula for an open

What does comparative advantage reflect?

a.

efficiency

b.

terms of trade advantage

c.

relative opportunity cost

d.

productivity

What is the formula for an open economy's GDP?

a.

Y = C + I + G + NX

b.

Y = C + I + G + S

c.

Y = C + I + G + T

d.

Y = C + I + G

According to Adam Smith, what should a person never attempt to make at home?

a.

whatever will cost one more to make than to buy

b.

what one doesn't know how to make

c.

everything one person needs to live

d.

any necessity of life

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