Simplify

question 36

Multiple Choice

Simplify:

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Definitions:

Absolute Advantage

A country's ability to produce a good more efficiently than other countries, requiring fewer resources for the same output.

Autarky

National self-sufficiency; no economic interaction with foreigners.

Opportunity Cost

The value of the best alternative that is forgone in making any choice or decision.

Terms of Trade

The ratio between a country's export prices and its import prices, indicating the quantity of imports goods a country can purchase through the sale of its exports.