It Is Possible to Have a Comparative Advantage in Producing

question 250

True/False

It is possible to have a comparative advantage in producing a good or service without having an absolute advantage.

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Definitions:

Services

Intangible products or actions that provide value to consumers, differing from goods which are physical items.

Federal Government

The national government of a federal country, which shares sovereignty with constituent states or provinces, responsible for governing national matters.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits for retirees, the disabled, and children of deceased workers.

Excise Tax

A tax levied on specific goods or services, such as tobacco, gasoline, and alcohol, typically aimed at discouraging use or raising government revenue.