A Country Has an Absolute Advantage Over Another in the Production

question 129

Multiple Choice

A country has an absolute advantage over another in the production of widgets if it can produce

• A)widgets using smaller quantities of resources than can the other country.
• B)more widgets than can the other country.
• C)widgets more efficiently than can the other country.
• D)widgets at a lower opportunity cost than can the other country.

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Definitions:

Express Warranty

Any description of a good’s physical nature or its use, in either general or specific circumstances, that becomes part of a contract.

Non-Material Term

A clause in a contract that, if breached, does not substantially affect the contract's overall purpose and outcome.

Uniform Commercial Code

An exhaustive compilation of statutes that control all business dealings across the United States.

Specific Performance

A legal remedy in contract law requiring a party to perform their obligations as agreed, rather than paying damages.