According to the "Comparative Institutional Advantage" Idea, Globalization Will Eventually

question 30

True/False

According to the "comparative institutional advantage" idea, globalization will eventually overwhelm the power of nation-states to set distinct economic policies.

---

Definitions:

Zero Economic Profits

Zero economic profits occur in a competitive equilibrium when firms earn just enough revenue to cover their total costs, including the opportunity costs.

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to increase production.

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to changes.

Total Revenue

Total revenue is the total income generated by a company from its sales of goods or services before any expenses are subtracted.