A Country Has an Absolute Advantage in the Production of a Good

question 69

Multiple Choice

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

• A)can produce the good using fewer resources than another country would require
• B)has the lowest opportunity cost of producing the good and can produce it with the fewest resources
• C)has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources
• D)has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources
• E)has the greatest opportunity cost of producing the good and produces it with the fewest resources

---

Definitions:

Incidental Beneficiary

A person who indirectly benefits from the fulfillment of a contract or agreement but has no legal right to enforce the agreement.

Statute of Frauds

A rule of law mandating specific agreements must be documented with the signatures of those participating to be valid and binding.

Oral Evidence

Testimony given by a witness or party during a trial based on what the witness has heard or personally experienced.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.