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- absolute advantage in the production of all goods. is 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 FalseThe principle of comparative advantage states that countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners. True False
- Comparative advantage is a comparison among producers based on opportunity cost. 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.If a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods. True False
- A producer has a comparative advantage in a good if it is the most efficient producer of this good. True FalseIf a country's economic data shows private savings of $300 million, government spending of $350 million, tax revenue of $400 million, and a trade surplus of $75 million, then what does investment equal? (Enter 1 for 1 million)A country has an absolute advantage in the production of a good if it can _____ of the good than another country.
- Why might it be argued that corporations do not have a comparative advantage when investing in real estate as means of diversification from core business?When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.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 False