The Ability of One Country That Has an Absolute Advantage

question 75

Multiple Choice

The ability of one country that has an absolute advantage in the production of two or more goods (or services) to produce one of them relatively more efficiently than the other is called a(n) _____.

• A) absolute advantage
• B) comparative advantage
• C) factor price
• D) competitive advantage
• E) equalization

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Definitions:

Adrenal

Glands located above the kidneys that produce various hormones including adrenaline and cortisol, which regulate metabolism, immune system, and stress response.

Retinopathy

A degeneration of the retina caused by a decrease in blood supply.

Lens Changes

Lens changes refer to alterations in the eye's lens, including its shape and clarity, which can affect vision and may require corrective lenses or surgery.

Diabetes

A chronic condition characterized by high levels of sugar in the blood due to the body's inability to produce or properly use insulin.