When a Country Has the Ability to Produce a Good

question 115

Multiple Choice

When a country has the ability to produce a good or service at a lower opportunity cost than others, it:

• A)has an absolute advantage.
• B)has a comparative advantage.
• C)is a free-trader.
• D)should remain self-sufficient.

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Definitions:

Sensory Memory

The shortest-term element of memory, it is the ability to retain impressions of sensory information after the original stimuli have ended.

Long-term Memory

The capacity of the brain to store, maintain, and retrieve information over long periods, which can last from hours to decades.

Procedural Memory

Refers to the type of long-term memory that is responsible for knowing how to do things, also known as motor skills.

Semantic Memory

A person’s knowledge about the world.