Which of the Following Best Describes Comparative Advantage

Exported The total benefits or rewards a country achieves from trading are known as. Someone has the ability to produce the same good for the lowest opportunity cost.

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What is a comparative advantage.

. To produce more of one good people have to produce less of another good. Which of the following best describes comparative advantage. A Firm A can produce a good at a cost of 3 a unit and Firm B can produce the same good at a cost of 4 a unit.

B A static relationship between nations wherein one produces more of a good than another. B Countries should specialize in industries in which they can produce goods more efficiently than any other country. In the context of barriers to international trade variability in the level of infrastructure across nations is an _____.

C all goods for lower opportunity costs than another person. 35 Comparative advantage is defined as a situation in which one person can produce A more of a good than another person. E It is the same as absolute advantage.

Economics questions and answers. 36 Which of the following describes comparative advantage. When a country specializes in producing a product and produces it for a lower opportunity cost than other nations it is __________.

Which of the following is not an advantage of studying multiple cases. School Cosumnes River College. A A static relationship between nations wherein both produce similar types of goods.

It is the benefit a country has in a given industry if it can make products at a lower opportunity cost than other countries. Brazil has a comparative advantage in banana production. Which of the following definitions best describes comparative advantage.

Abeing able to produce more output than any other country Busing the fewest number of resources to produce a given amount of output Cforgoing the fewest units of one product to produce a unit of another product Dhaving the largest number of resources compared to other countries. Asked Aug 16 2019 in Economics by CoreIS. It is rarely found between two countries.

Which of the following best describes the comparative. It is an advantage derived from comparing the opportunity costs of production in two countries. Some people can produce the same good better than other producers can.

Pages 31 Ratings 50 2 1 out of 2 people found this document helpful. Which of the following best describes the comparative advantage of the two countries illustrated in Figure 351. A producing unit can produce more of a good or service at a lower opportunity cost than any other producing unit.

C Countries should aim to be self-sufficient in all industries. Which of the following BEST describes comparative advantage. This preview shows page 8 - 10 out of 68 pagespreview shows page 8 - 10 out of 68 pages.

C A dynamic relationship between nations wherein. Being able to produce more output than any other country O D. Which one of the following best describes the theory of comparative advantage in from ECONOMICS 40 at Institute of Chartered Accountants of Pakistan.

Having the largest number of resources compared to other countries O B. A using the fewest number of resources to produce a given amount of output. D forgoing the fewest units of one product to produce a unit of another product.

The United States has a comparative advantage in. Which of the following best describes the principle of comparative advantage. Which of the following describes comparative advantage.

It is based on absolute costs. A Countries should export products which they can produce more cheaply than other countries. Which one of the following best describes the theory of comparative advantage in.

B a good for a lower opportunity cost than another person. Goods or services where a country enjoys a comparative advantage when goods and services are __________. For individuals localities and nations that have never been the best at doing anything they.

Canada has the comparative advantage in ice pop production. Workers are able to do what they do best. It is an advantage derived from comparing the opportunity costs of production in two countries.

C Firm A can produce 4 boxes of cereal in a day and Firm B can produce 5 boxes of cereal in a day. B being able to produce more output than any other country. Question 1 Which of the following definitions best describes comparative advantage.

Which of the following statements best describes a comparative advantage. Forgoing the fewest units of one product to produce a unit of another product O c. It is the relative difference between the tax rates for countries on imports.

Which of the following best describes comparative advantage. Which of the following best describes the principle of comparative advantage. Which of the following best defines comparative advantage.

Multiple cases can more effectively test a theory than a single case c. A country has a comparative advantage in the production of a good if it can A produce the good at the lowest opportunity cost B produce more of the good most efficiently C tradeoff producing the good for another good D produce the food and remain on its production possibilities frontier E produce more of the good than another country. Pin By Dennis Rixx On Best Grades Healthcare System Public Health Nursing Associations Generalizations about population are usually better when based on multiple cases.

Course Title ECON 101. Which of the following best describes the comparative advantage of the two. The theory of comparative advantage stresses which of the following.

B Jane can type 50 words per minute and Joe can type 60 words per minute. The ability to produce a good or service at a lower opportunity cost than a trading partner. C having the largest number of resources compared to other countries.

Country A can produce a product at a lower opportunity cost than Country B Country A can produce more of a product than Country B Country A has a currency worth more than the currency of country B Country A uses a smaller amount of a resource to. Japan has a comparative advantage in motorcycles the United States in DVD players. Japan has a comparative advantage in both goods.

Ratings 100 1 1 out of 1 people found this document helpful. Using the fewest number of. Which of the following best defines comparative advantage.

Someone has the ability to produce the same good using fewer inputs than another producer.

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Comparative Advantage