Comparative Advantage Is Directly Related to Which of the Following

question 40

Multiple Choice

Comparative advantage is directly related to which of the following concepts?

• A) Opportunity cost
• B) Efficiency
• C) Fairness
• D) Competition
• E) Productivity

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Definitions:

Supervening Events

Events that occur after the formation of a contract which could render the performance impossible or significantly change the nature of the original agreement.

F.O.B. Buffalo

An Incoterm meaning Free On Board Buffalo, indicating that the seller delivers when the goods are loaded on board a vessel at the Buffalo location, with the seller covering transportation to that point but the buyer taking responsibility thereafter.

Tender

An offer of payment or delivery of goods in fulfillment of an obligation or contract.

Buffalo, NY

A city in New York State, known for its snow-heavy winters and as the home of the Buffalo wings.