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Economics
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29 Oct 2020

A country is said to have _____advantage when the country can produce a good at a lower opportunity cost, relative to the other country.

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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020

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Related questions

A country has a comparative advantage in producing a good if it can produce that good:

a. at a higher opportunity cost than another country can

b. at a lower opportunity cost than another country can

c. using more resources than the production of that good requires in another country

d. using resources that are less abundant in that country than they are in another country

When a country has a comparative advantage in producing a certain good,

  1. the country's opportunity cost of that good is high relative to other countries cost of that same good
  2. the country should produce just enough of that good for its own consumption 
  3. the country should import that good. 
  4. none of the above is correct. 

The fundamental force driving international trade is comparative:

A. Advantage: a country exports those goods that have high prices

B. Abundance: the country that produces more than it needs exports the good

C. Advantage: the country with the lower opportunity cost of production exports the good

D. Cost: a country trades with other countries that produce cheaper goods

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