A country has an absolute advantage if it has a monopoly in the production of a specific product or is able to produce it more efficiently than all other nations.
Correct Answer:
Verified
Q1: Free trade is the movement of goods
Q2: According to the theory of comparative advantage,
Q3: The United States imports more products and
Q5: Absolute advantage is the basis for most
Q6: Opportunities for college graduates in international business
Q8: Today, over 90% of the companies doing
Q12: Exporting is the selling of products to
Q17: Free trade results in a mutually beneficial
Q18: Today, there are more countries that have
Q20: Global trade includes the exchange of art,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents