On What Is Trade Based

question 38

Multiple Choice

On what is trade based?

• A)absolute advantage.
• B)comparative advantage.
• C)production costs.
• D)relative dollar prices.

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Definitions:

Removal

The process of moving or eliminating something from a certain place or context.

User Cost

The cost of using a good or service, considering both the expense of use and the opportunity cost of not using an alternative.

Extraction Cost

The expenses associated with removing natural resources from the earth, such as mining, drilling, or harvesting.

Gold Bars

Solid bars of gold, typically standardized in weight, that are bought, sold, and stored as investment and reserve assets.