Which of the Following Best Describes Comparative Advantage

Japan has a comparative advantage in both goods. Comparative advantage is an economys ability to produce a particular good or service at a lower opportunity cost than its trading partners.

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Kim has a comparative advantage in worksheets.

. Some people can produce the same good better than other producers can. Which of the following best describes the comparative advantage of the two countries illustrated in Figure 351. Each country should attempt to produce roughly equal amounts of all goods.

Developing expertise in certain types of production limiting the types of goods and services produced targeting specific consumers and retailers producing certain items for specific market segments. Human resources like workers D. Each economy should strive to be self-sufficient.

Someone has the ability to produce the same good using fewer inputs than another producer. Free trade among nations is harmful to an economy. Asked Aug 16 2019 in Economics by CoreIS A.

Japan has a comparative advantage in motorcycles the United States in DVD players. E a good for a lower dollar cost than another person. Prices are lower in one country than in.

Comparative advantage is more important for trade. If the two nations trade with. Someone has the ability to produce the same good using fewer inputs than another producer.

Workers are able to do what they do best. Which of the following best describes comparative advantage. It is the relative difference between the tax rates for countries on imports.

Comparative Advantage and the Gains from Trade Part 1. 35 Comparative advantage is defined as a situation in which one person can produce A more of a good than another person. Individuals states and nations can all benefit if they trade with others.

Having the largest number of resources compared to other countries O B. Costs are higher in one country than in another. Leah has a comparative advantage in writing articles.

Someone has the ability to produce the same good for the lowest opportunity cost. Which of the following best describes the principle of comparative advantage. 36 Which of the following describes comparative advantage.

Absolute advantage is the ability to produce a good using fewer inputs than another producer while comparative advantage is the ability to produce a good at a lower opportunity cost than another producer reflecting the relative opportunity cost. What is a comparative advantage. 35 D more of all goods than another person.

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 produce than Country B. Being able to produce more output than any other country O D. Forgoing the fewest units of one product to produce a unit of another product O c.

Leah has a comparative. Economics questions and answers. A Countries should export products which they can produce more cheaply than other countries.

Natural resources like natural gas and trees B. 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. To produce more of one good people have to produce less of.

It is rarely found between two countries. Which of the following scenarios best describes a country with a comparative advantage in producing a good over another country. B Jane can type 50 words per minute and Joe can type 60 words per minute.

Scotland has a comparative advantage in producing firewood while Iceland has a comparative advantage in producing wool. The ability to produce a good or service at a lower opportunity cost than a trading partner. When a country specializes in producing a product and produces it for a lower opportunity cost than other nations it is __________.

It is an advantage derived from comparing the opportunity costs of production in two countries. When discussing comparative and absolute advantage which best describes specialization. Question 1 Which of the following definitions best describes comparative advantage.

Which of the following best describes the comparative advantage of the two countries illustrated in Figure 351. B a good for a lower opportunity cost than another person. Japan has a comparative advantage in motorcycles the United States in DVD players.

Which of the following best describes comparative advantage. Economics questions and answers. Which of the following best describes the principle of comparative advantage.

It is based on absolute costs. 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. A comparative advantage gives companies the ability to sell goods and services at prices that are lower than their competitors gaining stronger sales margins and greater profitability.

The benefit of comparative advantage is the ability to produce a good or service for a lower opportunity cost. The factors used to produce goods and services C. According to the theory of comparative advantage which of the following is not a reason why countries trade.

Using the fewest number of. C Firm A can produce 4 boxes of cereal in a day and Firm B can produce 5 boxes of cereal in a day. The law of comparative advantage suggests that a.

Comparative advantage suggests that countries will engage in trade. Japan has a comparative advantage in DVD players the United States in motorcycles. C all goods for lower opportunity costs than another person.

B Countries should specialize in industries in which they can produce goods more efficiently than any other country. If a state can produce the highest volume of wool in the world that state should produce wool regardless ofopportunity cost. The theory of comparative advantage stresses which of the following.

The best way for a nation to ensure full employment is to be totally self-sufficient rather than relying on other nations to obtain goods and services. Multiple Choice Select the best answer of those given. Which of the following best describes what we mean by resources in economics.

Question 1 15 15 pts Which of the following statements best describes the theory of comparative advantage. C Countries should aim to be self-sufficient in all industries. Which of the following BEST describes comparative advantage.

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