Select the correct definition of the term "comparative advantage."
a. the ability to produce...
Business, 09.09.2019 16:30 cutiecat66
Select the correct definition of the term "comparative advantage."
a. the ability to produce a good or service at a higher opportunity cost than another
b. the ability to produce a good or service at a lower opportunity cost than another
c. the ability to produce less of a good or service than another over a specified time period
d. a nation offering more favorable trade policy with its allies than with other countries
e. the ability to produce more of a good or service than another over a specified time period
when trading with more developed countries,
a. less developed countries have a comparative advantage in the production of all goods or services.
b. less developed countries do not have a comparative advantage in the production of any goods or services.
c. less developed countries have a comparative advantage in the production of some goods or services.
Answers: 3
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