Correctly Complete the Following Statements from the Options Below

question 49

Short Answer

Correctly complete the following statements from the options below.
(a) If a country can produce a good at a lower opportunity cost than another country, then it has in the production of that good.
(b) If one country can produce a good using fewer resources than another country, then it has in the production of that good.
(c) If the ratio of a country's average price of exports relative to imports rises, then that country has .

(i) improving terms of trade
(ii) a comparative advantage
(iii) an absolute advantage

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