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Economics
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2 Nov 2020

2. A country has a/an ___________________________in producing a good over another country if it uses fewer resources to produce that good.

a. comparative advantage 

b. absolute advantage 

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Explaining the Theories of International Trade
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Raushan Raj
Raushan RajLv8
2 Nov 2020
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Related questions

1. The law of comparative advantage says that:

A. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good.

B. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good

C. the individual with the lowest opportunity cost of producing a particular good should produce it

D. comparative advantage exists only when one person has an absolute advantage in the production of two goods

2. A country has an absolute advantage in the production of a good if that country:

A. can produce good using fewer resources than another country would require

B. has the lowest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

C. has the greatest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

D. has the lowest opportunity cost of producing the good and can produce it with the fewest resources

3. A production possibilities frontier can shift outward for all of the following reasons except:

A. a larger workforce

B. a decrease in the size of the labor force

C. an increase in the skills of the labor force

D. an improvement in technology

A country has a comparative advantage in producing a good if:

A) it can produce that good at a lower opportunity cost.
B) it will find trade most beneficial when it trades with another country that has a comparative advantage in the same good.
C) it will not find trade beneficial because other country(ies) won't have a comparative advantage in other goods.
D) it must also have an absolute advantage in the good

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

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