In Conducting Their Research,economists Face an Obstacle That Not All

question 391

Multiple Choice

In conducting their research,economists face an obstacle that not all scientists face; specifically,in economics,it is often difficult and sometimes impossible to

• A) make use of theory and observation.
• B) rely upon the scientific method.
• C) conduct laboratory experiments.
• D) find articles or books that were written before 1900.

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than others.

Trade

Trade involves the exchange of goods or services between parties, which can be within a country or between countries.

Resources

Economic or productive factors required to accomplish an activity, or to provide a service or product, such as land, labor, and capital.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen; the value of the next best alternative foregone.