Multiple Choice
Given two economic systems, A and B, if economy A has an absolute advantage in the production of widgets, then
A) fewer inputs are necessary to produce widgets in economy A than in economy B.
B) economy A must give up less of all other goods to produce widgets than economy B.
C) economy A is less efficient in the production of widgets than economy B.
D) economy A would not benefit from the specialization of production.
Correct Answer:

Verified
Correct Answer:
Verified
Q26: Dumping is<br>A) selling a good abroad in
Q27: The infant industry argument suggests that<br>A) a
Q28: Benefits of free trade include all of
Q29: A government-imposed restriction on the quantity of
Q30: Today, in the United States, exports are
Q32: If protective import-restricting quota are imposed by
Q33: Comparative advantage is based on the<br>A) concept
Q34: A government-imposed restriction on the quantity of
Q35: The standard of living in a nation
Q36: A problem with the infant industry argument