For a Country to Have a Comparative Advantage in a Good

question 314

Multiple Choice

For a country to have a comparative advantage in a good, it must have:

• A) more labor to produce that good
• B) more capital to produce that good
• C) an ability to produce more of that good than another country has
• D) a lower opportunity cost of producing that good

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Definitions:

Coronation

A ceremonial event that marks the formal investiture of a monarch or a sovereign with regal power.

Contracted

Entered into a formal and legally binding agreement between two or more parties outlining specific obligations.

Anticipatory Repudiation

A declaration by one party to a contract of their intention not to perform their future obligations as agreed, allowing the other party to treat the contract as breached and seek remedies.

Mutual Agreement

A mutual agreement is an understanding or arrangement made between two or more parties, usually detailed in a formal contract.