In a Two Good, Two-Country World, a Country Has a Comparative

question 189

Multiple Choice

In a two good, two-country world, a country has a comparative advantage in any good for which it has a:

• A) lower absolute cost than the other country.
• B) lower opportunity cost than the other country.
• C) higher absolute cost than the other country.
• D) higher opportunity cost than the other country.

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Definitions:

Competitive Substitutes

Products or services that can be used as replacements for another due to similarities in function or utility, creating options for consumers.

Core Benefit Propositions

The fundamental value or advantage that a product or service offers to customers, addressing their needs or solving their problems.

Marketing Mix Elements

Components of a marketing plan which include product, price, place, and promotion, often extended to include people, processes, and physical evidence.

Product Protocols

Guidelines and standards that govern the development, testing, and release of products.