A Country Is Said to Have an Absolute Advantage in the Production

question 216

Multiple Choice

A country is said to have an absolute advantage in the production of a good when:

• A) its opportunity cost of producing the good is lower than another country.
• B) it can produce the good using fewer resources than another country.
• C) it specializes in the production of the good.
• D) all of the above.

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Definitions:

Customers

Individuals or businesses that purchase goods or services from another business.

Promptly

Quickly or without delay, often used in the context of responding to communications or fulfilling obligations.

Related Purchasing Activities

Actions and tasks associated with procuring goods and services that are necessary for a company’s operations or production processes.

Ordering

The process of arranging or requesting items or services in a systematic manner, often used in inventory management or procurement.