Which of the Following Statements Is True About Comparative Advantage

question 6

Multiple Choice

Which of the following statements is true about comparative advantage?

• A)Comparative advantage exists whenever one person,firm,or nation can do something with greater opportunity costs than some other individual,firm,or nation.
• B)Comparative advantage is interesting theoretically,but it is not relevant when evaluating real-world economic conditions.
• C)Third-world countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low educational attainment of their work force.
• D)Comparative advantage exists whenever one person,firm,or nation can do something with lesser opportunity costs than some other individual,firm,or nation.
• E)Only highly advanced economies can have a comparative advantage in the production of a good or service.

Identify the differences between durable and nondurable goods.

Recognize the impact of product types on marketing strategies.

Comprehend the concept of a product, including tangible and intangible attributes.

Understand the role of innovation in product development, particularly within tech companies.

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Definitions:

Insurance Contract

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Breach of Contract

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Obligations

Duties or responsibilities enforced by law, contract, or a sense of duty that compel someone to act or refrain from acting in a certain manner.

Disability

A physical or mental condition that significantly restricts one's ability to perform one or more major life activities.