A Country Has a Comparative Advantage in the Production of a Good

question 52

Multiple Choice

A country has a comparative advantage in the production of a good if it can

• A)tradeoff producing the good for another good.
• B)produce the good on and remain on its production possibilities frontier.
• C)produce the good at the lowest opportunity cost.
• D)produce more of the good most efficiently.
• E)produce more of the good than another country.

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Definitions:

Fair Labor Standards Act

United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.

National Labor Relations Act

A foundational United States labor law that protects the rights of employees to organize and to bargain collectively with their employers.

Employee Polygraph Protection Act

A United States federal law that generally prevents employers from using lie detector tests, either for pre-employment screening or during the course of employment, with certain exceptions.

Polygraph Tests

A method used to measure and record physiological indicators such as blood pressure, pulse, respiration, and skin conductivity while the subject answers a series of questions, purportedly to indicate truthfulness.