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- Absolute advantage is the economy's ability to produce goods and service at a lower opportunity costs than its trading partners True or falseA producer has a comparative advantage in a good if it is the lowest opportunity cost producer of this good, even if it is not the most efficient producer of this good. True FalseWhen one country can produce a product at a lower cost in terms of other goods, that country is said to have Group of answer choices a productive advantage. an unfair advantage. a comparative advantage. an absolute advantage.
- If an economy has the absolute advantage in the production of all goods over another economy, then mutually beneficial trade is not possible between the two economies. True or FalseComparative advantage is a comparison among producers based on opportunity cost. True FalseThe law of comparative advantages in trade typically applies only to trade between nations and favors the party who has the highest opportunity cost. True False
- Bilateral Agreements is a trade agreement between two nations True or falseA producer has a comparative advantage in a good if it is the most efficient producer of this good. True FalseNo Plagiarism Please! • Distinguish between absolute advantage and comparative advantage. • Analyze the role of comparative advantages in the production of goods and services. • Define trade barriers such as tariffs, quotas, embargoes, standards, and subsidies. • Explain the causes, benefits, and consequences of trade barriers on consumers and producers. • Analyze multinational entities in economic and social terms. • Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries. • Identify tools used to measure levels of development and describe the characteristic of developed nations and less developed countries. • Understand the role investment plays in development and identify the purpose of foreign aid. • Explain how current globalization trends and policies affect labor markets, resources, and income distribution in different nations. • Evaluate the arguments for and against free trade.
- Country A would have an absolute advantage compared to Country B in the production of corn if Group of answer choices Country A uses fewer resources to produce corn than Country B does. corn sells for a higher price in Country A than in Country B. the demand for corn is higher in Country A than in Country B. corn can be produced at lower cost in terms of other goods than it could be in Country B.'If a country has an absolute advantage in the production of all goods then it cannot gain from trade' Explain under what assumptions the statement is correct.I made a mistake when submitting, the answer options are this instead: - Denmark has a slight comparative advantage in television production because that activity is skill and capital intensive. - Denmark has a strong absolute advantage in TV production thanks to its skilled workers. -Televisions are highly differentiated and knowledge intensive products, where mainly increasing returns drives trade. - Denmark outsources important parts of its TV value chain. Firms move down their learning curves. Does the original answer still stand? Thank you
