In Trade, If-Due to Technology-A Nation Can Produce a Good

question 116

Multiple Choice

In trade, if-due to technology-a nation can produce a good (such as
Germany's production of snowboards) with fewest resources, it is known
As a(n) :

• A)absolute advantage.
• B)technology advantage.
• C)comparative advantage.
• D)resource advantage.

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Definitions:

Inverse Function

A function that reverses the operation of a given function, such that the composition of the two yields the original input.

Function

A framework involving a set of inputs and a roster of potential outputs, with the stipulation that each input is corresponded with only one output.

Composition

The combining of distinct parts or elements to form a whole, especially in mathematics where functions are combined.

Function

A mathematical relationship where each input has a single output, often expressed as f(x).