A Country That Has an Absolute Advantage in Producing All

question 209

Multiple Choice

A country that has an absolute advantage in producing all goods will

• A) have a comparative advantage in some goods but not all.
• B) produce all goods at lowest opportunity cost.
• C) have a comparative advantage in all goods.
• D) not gain from specialization and trade.

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Definitions:

Defect Of Title

A legal issue with the title to a property that may prevent a seller from providing clear ownership, affecting the ability to sell or transfer the property.

Personal Defences

Legal arguments used by individuals in court to justify their actions or to deny liability.

Holder In Due Course

A person who acquires a negotiable instrument before its due date that is complete and regular on its face, and who gave value for the instrument, without any knowledge of default or defect in the title of prior holders.

Negotiable Instrument

A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the name of the payer and payee.