Having a Comparative Advantage Means a Nation Can

question 142

Multiple Choice

Having a comparative advantage means a nation can

• A)produce without incurring an opportunity cost.
• B)produce at a higher opportunity cost.
• C)benefit from trade.
• D)produce the good at a point beyond its PPF.
• E)produce more of the good.

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Definitions:

Deterministic View

The belief that all events, including human actions, are ultimately determined by causes regarded as external to the will.

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that all humans are believed to share.

Culture

The shared beliefs, values, norms, and practices that are learned from society and contribute to the behavioral and cognitive characteristics of the members of that society.

Personality

The unique, relatively enduring internal and external aspects of a person’s character that influence behavior in different situations.