Multiple Choice
Under what circumstance does a country specialize in order to use resources more efficiently?
A) when there is comparative advantage in production
B) when there is an absolute advantage in production
C) when there is disincentive to trade with others
D) when there is a higher opportunity cost to trade with others
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Small, developing countries must first become self-sufficient
Q38: Identify the error in judgment in each
Q160: Scarcity is a problem faced by all
Q233: Why do economists need to develop abstractions?<br>A)
Q235: An economist might hypothesize that people will
Q239: How does microeconomics relate to macroeconomics?
Q240: What is the difference between a positive
Q241: What does economics primarily explore?<br>A) how the
Q242: A theory asserts that consumers will purchase
Q243: Which of the following processes does marginal