When Iceland Can Generate a Product Using Fewer Labor Hours

question 148

Multiple Choice

When Iceland can generate a product using fewer labor hours and resources than the United States, an economist would say that Iceland had

• A) a comparative advantage in production of the product.
• B) an absolute advantage in production of the product.
• C) a higher opportunity cost of producing the product.
• D) no incentive to import the product, regardless of the cost-price conditions for other products.

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Definitions:

Driver Problem

Issues related to the software drivers that enable computer operating systems to communicate with hardware devices, often causing devices to malfunction or not work at all.

CMOS Battery

A small, coin-shaped lithium battery that provides power to CMOS memory.

Error Message

An indication provided by a system or an application that should be noted to help in troubleshooting.

BIOS/UEFI Setup

The configuration menu for the BIOS (Basic Input Output System) or UEFI (Unified Extensible Firmware Interface), allowing users to set up hardware parameters.