A nation's ability to produce a product more efficiently than another country is referred to as:

a. globalization

b. interdependence

c. comparative advantage

d. foreign trade

answer

watching

102

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Sonia DhawanLv10

1 Sep 2020

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

A nation's ability to produce a product more efficiently than another country is referred to as

apricotkoala378

A political commentator makes the following statement: âThe idea that international trade should be based on comparative advantage of each country is fine for rich countries like the United States and Germany. Rich countries have educated workers and large quantities of machinery and equipment. These advantages allow them to produce every product more efficiently than poor countries can. Poor countries like Benin and Bolivia have nothing to gain from international trade based on comparative advantage.â Discuss this view.

The primary difference between absolute and comparative advantage is

a. Absolute advantage refers to the ability to produce more of a good or service using the same amount of resources, and comparative advantage refers to the ability to produce a good or service at a lower opportunity cost

b. Absolute advantage doesn't change as time passes, while comparative advantage does

c. Absolute advantage is a concept that was utilized in communist countries, and comparative advantage is a capitalist idea

d. Absolute advantage refers to the ability to produce a good or service at a lower opportunity cost, and comparative advantage refers to the ability to produce more of a good or service using the same amount of resources