When Brazil Can Generate a Product Using Fewer Labor Hours

question 104

Multiple Choice

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

Observed

A term referring to something that has been seen, noticed, or monitored.

Knowledge, Skills, Abilities

A framework used in human resources to evaluate or describe an individual's competencies that are necessary to perform various tasks and roles effectively.

Job Specification

A detailed description of the qualifications, skills, experience, and duties required for a specific job position.

Acronym KSA

Knowledge, Skills, and Abilities; a commonly used term, especially in job descriptions, to refer to the essential elements required to perform a task.