If a Nation Can Produce a Good or Service at the Lowest

question 147

Multiple Choice

If a nation can produce a good or service at the lowest opportunity cost,then it

• A) can sell the product at a lower price than other nations.
• B) does not want to export the good because the low cost means it makes only a low profit.
• C) is best for the nation to not trade the good internationally.
• D) will definitely import the good because it can beat other countries' prices.
• E) might export or import the good, depending on whether or not it has a comparative advantage in the production of the good.

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Definitions:

Social Equality

Social equality refers to a state of affairs in which all individuals within a society have the same status in certain respects, including civil rights, freedom of speech, property rights, and equal access to social goods and services.

Northern State

In the context of the American Civil War, a Northern state refers to any of the states that were part of the Union, opposing the seceding Confederate Southern states.

Common Schools

Early public schools in the United States aimed at providing basic education to children of all social classes.

Social Equality

A state in which all individuals within a society have the same status in terms of rights, freedoms, and opportunities.