The Relative Costs of Two Goods Produced by Two Countries

question 84

True/False

The relative costs of two goods produced by two countries can be determined by comparing the slopes of their production possibilities curves at their respective current levels of production.

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Definitions:

Labor-force Participation Rates

The percentage of the working-age population that is part of the labor force, either employed or actively seeking employment.

Bureau of Labor Statistics

A U.S. government agency that collects and analyzes essential economic information, especially concerning employment, prices, and working conditions.

Adult Population

Refers to the segment of the population that is considered of working age and potentially available for labor or military service.

Age

A measure of the length of time that an individual or entity has existed from its birth or inception to a given date.