A Country Is Said to Have a Comparative Advantage in the Production

question 56

Multiple Choice

A country is said to have a comparative advantage in the production of a good when it:

• A) has the lower opportunity cost of producing the good.
• B) can produce the good using fewer resources than another country.
• C) requires fewer labor hours to produce the good.
• D) all of these.

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Definitions:

Mean

A statistical measure representing the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.

Correlations

Statistical measures that describe the extent to which two or more variables fluctuate together, indicating a relationship but not causation.

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Evaluations of a student's performance or achievement in academic subjects, often in the form of letters or numbers.

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