When a country has a lower opportunity cost in producing a good than any other country,
A) It has an absolute advantage in producing the good.
B) It has favorable terms of trade in producing the good.
C) Consumption possibilities will increase with specialization and trade.
D) Production possibilities are no longer limited.
Correct Answer:
Verified
Q2: Increased opportunities for trade increase production by
A)Protecting
Q24: World output of goods and services increases
Q25: Comparative advantage in production is achieved by
A)Subsidizing,specializing,and
Q27: A country with a comparative advantage in
Q28: It's not likely that a country will
Q32: The benefits from international trade include
A)A rightward
Q33: The United States is capable of producing
Q36: A country has a comparative advantage in
Q40: Suppose the country of Maverick has specialized
Q45: When one country can produce a given
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