A Country That Can Produce a Good Using Fewer Resources

question 62

Multiple Choice

A country that can produce a good using fewer resources than another country has a(n) :

• A) lower opportunity cost of producing the good than another country.
• B) absolute advantage.
• C) specialization in the production of the good.
• D) all of the above.

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Definitions:

Resignation

The act of giving up a job or position, often formally through a written notice.

Temporary Situation

A condition or state of affairs that is not permanent and is expected to change or end after a certain period.

Disposition

An individual's inherent qualities of mind and character.

Self-serving Bias

The tendency to attribute one's successes to internal factors and failures to external factors, protecting self-esteem.