Economics Study Set 4
Quiz 2: Trade-Offs,comparative Advantage,and the Market System
The basis for trade is comparative advantage,not absolute advantage.
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If Sanjaya can shuck more oysters in one hour than Tatiana,then Sanjaya has a comparative advantage in shucking oysters.
If a country produces only two goods,it is possible to have a comparative advantage in the production of both those goods.
In a two-good,two country world,if one country has an absolute advantage in the production of both goods,it cannot benefit by trading with the other country.
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